Hello reader,

It goes without saying that corrupt officials are among the most foul of beings on this planet and deserve the harshest of punishments.

How would a remote island prison with the possibility of getting eaten by sharks sound? That’s an idea floated by President Prabowo himself, and it appears to be picking up steam, however comical it seems.

More on that just below.

Cheers,

Andra

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Law/Politics  

• The Corruption Eradication Commission (KPK) supports President Prabowo Subianto’s plan to imprison corrupt officials on a remote island. KPK Deputy Chairman Johanis Tanak even suggested that the government should not provide food for them, instead supplying farming tools so they can grow their own sustenance. Prabowo previously stated that he would allocate funds to build a prison on an isolated island, warning that corrupt officials who try to escape might end up eaten by sharks. He stressed that corruption threatens national stability and vowed to take extreme measures, including expelling corrupt individuals from Indonesia if necessary.

• Former West Java Governor Ridwan Kamil addressed allegations of corruption at Bank BJB, stating he was unaware of any issues during his tenure. He clarified that as ex-officio, he only received reports from relevant officials and learned about the case through media. The KPK, investigating alleged budget markups, seized documents, vehicles, and deposits worth IDR 70 billion, which Ridwan denied owning.

• Former KPK Chairman Firli Bahuri has, for the third time, withdrawn his pretrial motion challenging his suspect status at the South Jakarta District Court, citing the need for revisions and serenity during Ramadan. Previously, he sought to nullify his suspect status in November 2023 and January 2024, both of which were either rejected or withdrawn. Firli is accused of extorting former Agriculture Minister Syahrul Yasin Limpo, a case that remains unresolved despite ongoing legal proceedings since 2023.

• Authorities discovered 59 cannabis plantations in Bromo Tengger Semeru National Park (TNBTS), East Java using drone surveillance, with varying plot sizes across the area. Forestry Minister Raja Juli Antoni refuted online claims that park officials were involved in planting the cannabis, emphasizing that the discovery was a joint effort with the police. A drone ban for the general public also sparked online speculation about a shady link to the concealed plantations. The police have arrested four suspects with alleged connections to the plantations.

• The National Police’s Cyber Crime Directorate uncovered a massive crypto and stock trading scam that lured victims through Facebook ads. Scammers, posing as "Professor AS" and mentors, guided victims via WhatsApp into fake platforms—JYPRX, SYIPC, and LEEDSX—promising returns of 30–200%. Victims were tricked into transferring funds but later faced withdrawal restrictions, being asked to pay fees and taxes. Realizing they had been scammed, 90 victims reported losses in the hundreds of billions of rupiah. Six suspects were identified, with three in custody and three still at large.

• A brawl between Medan City Council (DPRD) members David Roni Ganda Sinaga and Dodi Robert Simangunsong erupted in a toilet on Tuesday, with the scuffle caught on video and going viral. The fight, reportedly sparked by a name mix-up, saw both exchanging insults and kicks before security intervened. Dodi reportedly took offense at hearing his name repeatedly, unaware that David was referring to his staff member, Dodi Tambunan. Following the altercation, both were reprimanded and reminded to uphold the council’s dignity.

Business/Economy

• The Financial Services Authority (OJK) has announced a six-month buyback policy allowing publicly listed companies to repurchase shares without shareholder approval (RUPS), effective from March 18. This move comes in response to the Jakarta Composite Index (IHSG) declining by 1,682 points (-21.28%) since September 2024 and yesterday’s alarmingly steep slide, amid global uncertainties such as US policy risks, trade tensions, and geopolitical instability. OJK stated that this relaxation aims to restore investor confidence and provide flexibility for companies to stabilize stock prices during high volatility, similar to measures taken in 2013, 2015, and during the COVID-19 pandemic.

• Bank Indonesia (BI) remains optimistic about Indonesia’s economic growth despite global uncertainties, projecting a 4.7-5.5% expansion in 2025. Governor Perry Warjiyo highlighted that household consumption remains the primary driver, supported by disbursement of holiday bonuses (THR) from both government and private sectors, social assistance programs, and the impact of Eid celebrations. Additionally, the manufacturing sector remains strong, with an increase in order volumes.

• The Ministry of Trade has confirmed reports of rice producers fraudulently reducing the weight of 5 kg packaged rice to 4 kg, with the case currently under police investigation. The ministry emphasized that businesses found guilty could face penalties under the Consumer Protection Law, which prescribes up to five years in prison and an IDR 2 billion fine for misrepresenting product weight. The issue gained public attention after viral social media posts showed consumers weighing packaged rice and discovering discrepancies.

• Fore Coffee is set to go public on BEI through an Initial Public Offering (IPO), making it the first consumer coffee startup to be listed. Under the ticker FORE, the chain plans to offer up to 1.88 billion shares at IDR 70 per share, representing 21.08% of its total equity post-IPO. The share price is set between IDR 160–Rp 202, potentially raising up to IDR 379.76 billion. Fore plans to allocate 76% of the proceeds to open 140 new outlets across Indonesia, with the rest going towards capital injections for subsidiary PT Cipta Favorit Indonesia. The bookbuilding period runs from March 19–21, 2025, with PT Mandiri Sekuritas and PT Henan Putihrai Sekuritas as underwriters. 

Everything Else

• Toll road operator Jasa Marga is offering toll discounts (AKA diskon tol) for all vehicle classes on the Trans-Java and Trans-Sumatra toll roads during the Eid homecoming period. The discount applies from March 24–28 for outbound travel and April 3–4 and 8–9 for return trips. To qualify, travelers must take a continuous journey and use the same electronic toll card, with a minimum balance of IDR 500,000 recommended for Jakarta–Semarang trips. For Trans-Java, the Class 1 toll from Cikampek Utama to Kalikangkung drops from IDR 440,000 to IDR 352,000, while Trans-Sumatra travelers on the Sinaksak–Binjai route get a 20% discount starting at 7am each day.