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Investment board revokes permits of 5 uncooperative firms
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Indonesia Investment Coordination Board (BKPM) chief Franky Sibarani announced that the government has revoked the permits of five out of 95 investment projects because of legal violations. (Tempo/Wisnu Agung Prasetyo)
T
he Investment Coordinating Board (BKPM) has revoked the principal permits of five investment schemes worth a total of Rp 322 billion (US$24.4 million) because they were being misused.
The five businesses were a web portal and management consultancy, three wholesaling enterprises and a fishing company, said BKPM chief Franky Sibarani on Monday.
All except the fishing company had received government facilities, but they failed to follow the rules and ran different businesses from the ones stated on the permits issued by the BKPM, Franky said.
Meanwhile, the fishing company had its permit revoked by the Maritime and Fisheries Ministry for a legal violation that Franky refused to specify.
The five companies’ projects were among 95 investments worth Rp 487.8 trillion that had been facilitated by the BKPM between December 2014 and December 2015.
The BKPM's deputy director for investment monitoring and implementation, Azhar Lubis, said the board had revoked about 12,000 permits between 2007 and 2014. “It is a usual measure that the BKPM revokes permits as part of law enforcement,” he said. (sha/ags)
