Contact Information
Graha Aktiva, 3rd FloorJl. HR Rasuna Said Blok X-1 Kav 3
Jakarta 12950
Indonesia
Tel: +62.21.520.3171
Fax: +62.21.520.3279
E-Mail: dep@sriro.com
Advised the Indonesian Government regarding World Trade Organization negotiations concerning market access and national treatment restrictions in various service related sectors.
Conducted analysis of Indonesian laws and regulations related to World Trade Organization negotiations concerning market access and national treatment restrictions in various service related sectors pursuant to consulting contracts with USAID.
Represented the following consortium of lenders in defense of their USD1,000,000,000 (billion) financing of a USD2,000,000,000 pulp and paper mill in Sumatra, Indonesia. Lenders represented: PT Bank Mandiri Tbk.; AB Svensk Exportkredit (Publ); Sakura Finance Asia Limited; Nordea Bank Finland Plc, London Branch; Nordea Bank Finland Plc, Singapore Branch; Capita Corporation; The Bank of Tokyo-Mitsubishi, Ltd.; The Fuji Bank, Limited, Singapore Branch; Korea First Bank; Resolution & Finance Corporation; Bayerische Landesbank Girozentrale, Singapore Branch; The Daiwa Bank, Limited, Singapore Branch; Berliner Bank AG; The Mitsubishi Trust and Banking Corporation; The Sumitomo Trust and Banking Company, Limited; Bank of Scotland; Daedong Bank; Dongnam Bank; First Commercial Bank; The Chuo Mitsui Trust and Banking Company Limited; The Norinchukin Bank; Shinhan Bank; Sumitomo Mitsui Banking Corporation; Mizuho Asset Trust & Banking Co., Ltd.; Asian Banking Corporation; Bank Austria Aktiengesellschaft; Hanil Bank; Housing And Commercial Bank; Skandinaviska Enskilda Banken AB (Publ); Sampo Credit Plc.; Kreditantstalt Fur Weideraufbau; The Sakura Bank, Limited, Singapore Branch; Export Development Canada; Nordea Bank Helsinki; Mizuho Corporate Bank, Limited; Mizuho Corporate Bank, Ltd; Bankgesselschaft Berlin AG; Newcourt Capital (CIT Group); Metropolitan Life Insurance Company; Kookmin Bank; Hanvit Bank; Woori Bank; Resolution and Finance Corporation; Woori First Asset Securitization Speciality Co., Ltd.; Woori LB First Asset Securitization Speciality Co., Ltd; Finnvera Plc.; Hermes Kreditversicherungs AG; Exportkreditnamden (EKN); PT Bank Sumitomo Mitsui Indonesia.
Represented Mizuho Corporate Bank, Ltd., The Sumitomo Trust & Banking Co., Ltd., Sumitomo Mitsui Banking Corporation, Dresdner Bank AG and The Norinchukin Bank in the recovery of outstanding balances owed by PT. Satomo Indovyl Monomer (an ethylene dichloride and vinyl chloride monomer producer) under a US$94,500,000 (million) Loan Facility Agreement following a hostile takeover bid brought by a principle chlorine feedstock supplier through aggressive litigation and bankruptcy actions.
Represented Chevron’s and Texaco’s joint operating company Amoseas Indonesia Inc. in the historic first appeal of a Tax Court ruling to the Indonesian Supreme Court concerning value added tax deferment issues of approximately USD10,000,000 (million) relating to oil and gas exploration activities in Indonesia.
Represented and defended a Malaysian consortium composed of Perspec Prime (Malaysia) Sdn. Bhd., Road Builder (M) Sdn. Bhd., Comtrac Sdn. Bhd. and Ranhill Corporation Sdn. Bhd. (a consortium which was created upon the request of the Indonesian President by the Malaysian Government’s Presidential Cabinet to assist Indonesia in economic recovery) with respect to the rights of the consortium in relation to their selection as the preferred strategic partner for purposes of building the USD500,000,000 (million) Jakarta Outer Ring Road and the obligations of the Indonesian Government and its agencies, the Badan Penyehatan Perbankan Nasional (The National Banking Health Organization), PT. (Persero) Jasa Marga (the Indonesian Government owned toll road developer and operator) and PT. Jalantol Lingkarluar Jakarta (a special purpose company owned by the Government established for purposes of building the Jakarta Outer Ring Road) who attempted to terminate the consortium’s rights.
Represented and defended Singapore Power International (the Singapore State-owned electric power developer) in defending against police and labor union attacks designed to increase pressure against Singapore Power International in restructuring negotiations with Asia Pulp and Paper related to Singapore Power International’s USD800,000,000 (million) Indonesian owned power plants located next to and supplying power to Asian Pulp and Paper’s Indonesian pulp mills.
Represented and defended international telecommunications joint venture company (owned by PT. Artimas Kencana, AT&T Wireless and the Asia Infrastructure Fund) in their efforts to restructure a USD1,300,000,000 (billion) joint operation investment with the Indonesian State-owned domestic telecommunications monopoly, PT. Telekomunikasi Indonesia Tbk., inclusive of defense against actions by labor unions, the police, consumer protection agencies, the military, and, among other activities, arbitration in Geneva Switzerland under the rules of the International Chamber of Commerce.
Represented Time Inc. and its reporters and editors in defense of a USD27,000,000,000 (billion) defamation claim brought against them by former President Suharto in relation to an article entitled “Suharto Inc. How Indonesia’s Long Time Boss Built a Family Fortune” published in Time Magazine’s May 24, 1998 Asia edition. Time Inc. was victorious in both the district and high courts. The Supreme Court appeal brought by former President Suharto is currently pending. Represented Time Inc. and its reporters and editors in defense of an approximately USD120,000,000 (million) defamation claim brought against them by alleged terrorist Abu Bakar Basir in relation to an article published in Time Magazine’s September 23, 2002 international addition.
Represented the Washington Post and its reporters and editors in defense of an approximately USD100,000,000 (million) defamation claim brought against them by four star General Endriarto Sutarto and the Indonesian Military in relation to an article entitled “Indonesia Military Allegedly Talked of Targeting Mine” published in November 3, 2002.
Represented Star TV in defense of a USD10,000,000 (million) action brought in the Indonesian courts by their Indonesian distributor Indovision. Victorious in obtaining court rejection of jurisdiction due to the existence of an arbitration clause. Conclusion resulted in a settlement of Indovision’s debts owed to Star TV.
Represented Garanti-Instituttet for Eksportkreditt, the Norwegian Government’s export credit guarantee institute in an arbitration against the Indonesian State-owned dredging monopoly, PT. Pengerukan Indonesia, in an arbitration in Indonesia under the rules of the Indonesian National Arbitration Association (BANI).
Drafted and negotiated joint venture agreement between major international Indonesian bank and major international Korean bank for the establishment of a joint venture multi-finance company in Indonesia.
Drafted and negotiated offshore loans, technical assistance, and royalty agreements relating to the development of deep sea sand mining concessions and operations in the island of Riau, Indonesia for the land reclamation necessary for the expansion of Singapore's Changi International Airport.
Drafted and negotiated joint venture agreement between an Indonesian private limited liability company and a Malaysian publicly listed limited liability company for the construction and management of a US$280,000,000 toll road project located in Central Java, Indonesia. Negotiations resulted in an increase in expected benefits to Client in excess of US$30,000,000.
Drafted and negotiated licensing rights to access to and operation of all orbiting satellites and terrestrial infrastructure of publicly listed telecommunications firm/IDD operator for purposes of development, management, and sales of all GSM, Mobitex, LMDS, and Satellite Backbone services. Present value of benefits negotiated in excess of US$150,000,000. Additionally, provided management consulting services regarding the successful operation of the licensing businesses granted.
Formed French corporate entities (owned by Client, Indonesian entity) to engage in aircraft leasing enterprises. Negotiated assignment of purchase rights and lease back contracts with Indonesian state airlines. Consulted in the arrangement of financing for the purchase of US$330,000,000 in aircraft including Export Import Bank of the United States financial guarantee facilities.
Represented banks in negotiating and drafting restructuring agreements in relation to the USD2,200,000,000 (billion) ethylene plant owned by PT. Chandra Asri and the conversion of US$650,000,000.00 debt into equity. Largest Indonesian restructuring transaction in 1997.
Developed case dispositive arguments regarding tax issues in relation to the tax laws of the Republic of Indonesia and the United States of America involving a claim by the client, the U.S. Department of Treasury, for disallowance of Indonesian oil and gas tax credits conservatively valued in excess of US$3.6 billion.
Drafted Master Derivatives Agreement to accommodate currency and interest rate forward, spot, swap, cap, floor and collar transactions for use by PT. Bank Danamon Indonesia Tbk. throughout its banking network.
Sriro's Desk Reference of Indonesian Law 2011
Andrew I. Sriro
Sriro's Desk Reference of Indonesian Company Law
Andrew I. Sriro