J&T Bluntly Gets Around RI Law, Kominfo Opens Tech Voice – 6 hours ago

Jakarta, CNBC Indonesia – The Ministry of Communication and Information (Kominfo) stated that it is waiting for the results of the Ministry of Investment/BKPM’s investigation regarding the issue of J&T nominees in Indonesia.

Because, the authority to carry out investigations lies with them.

“The authority to carry out investigations, whether this is a nominee practice, whether there is foreign share ownership or what, is being investigated by BKPM,” said Director of Postal and Informatics Control, Directorate of Postal and Informatics Control, Directorate General of Postal and Informatics, Ministry of Communication and Information, Dany Suwardany, to CNBC Indonesia in a telephone connection, Tuesday (21/11/2023).

Kominfo only plays a role from the licensing side. If the data obtained from related parties is appropriate and registered, then permission will be given by Kominfo.

When checked in terms of the regulations in the Postal Law, there have been no violations in terms of registered share ownership. Because according to Dany, from the share ownership registered at AHU, the PMDN status is 100% local.

“Regarding investment violations and other things, there are (BKPM) laws there, capital investment and others,” he explained.

“If there is a clearance stated there, the permit will be issued. (Because) if we from the Ministry of Communication and Information only process permits. So if the clearance has been declared that the share ownership is all PMDN, then that is in accordance with the rules,” he added.

So far, the Postal Directorate said that it had invited BKPM and KPPU several times to discuss this issue. However, it seems that the two parties involved are still investigating.

This logistics service from Indonesia has officially listed its initial shares or IPO on the Hong Kong stock exchange on Friday (27/10).

J&T Express raised revenues from the IPO worth US$ 500 million or around Rp. 7.92 trillion. This will be the largest IPO on the Hong Kong stock exchange throughout 2023.

However, what is an anomaly here is that companies face the risk of violating regulations regarding the negative investment list (DNI). The applicable DNI regulations regarding foreign entity ownership of companies operating in the courier sector are limited to 49%.

J&T Global, in the prospectus, explains how they will register PT Global Jet Express (the name of the J&T Indonesia company) as a domestic capital company (PMDN).

“We conduct our business through affiliated entities in Indonesia, parent companies in Indonesia and their subsidiaries. We have contracts with parent companies in Indonesia, shareholders in Indonesia, both corporations and individuals,” wrote J&T’s prospectus.

The agreement gives J&T Global to have effective control over affiliated consolidated entities in Indonesia, obtain all economic benefits from Indonesia, and have the option to purchase all shares in the company in Indonesia if Indonesian law allows.

At the Directorate General of General Legal Administration (AHU) of the Ministry of Law and Human Rights, PT Global Jet Express is registered as a company with Domestic Investment (PMDN) status.

However, in J&T’s prospectus, PT Global Jet Express is stated to be 100 percent owned by Winner Star Holding Ltd. Winner Star was then owned by Onwing GLobal Limited, which was owned by J& Global Express Limited based in the Cayman Islands. The controlling shareholder of J&T Global Express is Jet Jie Lie, founder of J&T.

[Gambas:Video CNBC]

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