UMBRA - Strategic Legal Solutions

We are honored to announce that Nikki Krisadtyo, Senior Associate at UMBRA, recently appeared as an expert before the Constitutional Court for the constitutional review of the Indonesian Arbitration Law. The case concerns the interpretation of what constitutes international arbitral awards under the Indonesian Arbitration Law. Nikki’s expert testimony focused on English law’s position on this issue. The applicant, Togi M. P. Pangaribuan, filed the constitutional review with respect to the definition of international arbitral awards, which include awards “which, under the provisions of Indonesian law, are deemed to be international arbitral awards.” This open-ended definition became a hotly debated topic after the Pertamina v. Lirik Petroleum case. In Pertamina v. Lirik Petroleum, Indonesian courts ruled that an arbitral award that was rendered in Jakarta was an international arbitral award due to foreign elements in the case. The foreign elements were the use of a foreign arbitral institution (the ICC) and the use of foreign currency and foreign language in the contract. The applicant argues that the place where an arbitral award is rendered should strictly determine whether it is an international arbitral award or not. In prior hearings, the Constitutional Court asked the parties to compare the definition of international arbitral awards in the Indonesian Arbitration Law against definitions in other countries’ arbitration laws. As an English solicitor and experienced arbitration practitioner, Nikki’s testimony focused on English law’s position on this issue. As England is a global hub for arbitration, English law is often used as a reference point for arbitration-related issues. Nikki’s testimony focused on the definition of international arbitral awards in the English Arbitration Act and how English courts apply this definition. He also compared the definition in the English Arbitration Act against definitions in the arbitration acts of the United States and Singapore. His testimony captured the Constitutional Court’s interest, prompting follow-up questions from four of the nine justices. Nikki was examined alongside Prof. Yetty Komalasari Dewi, Professor of Law at Universitas Indonesia, who also appeared as an expert and Jou Samuel Hutajulu, Legal Counsel of PT Pertamina EP, who appeared as a witness. We convey our deepest appreciation to the Constitutional Court, the applicant, and representatives of the President, the House of Representatives, the Supreme Court, and BANI Arbitration Center, who are also involved in this case. For more details, the recording of the hearing and the Constitutional Court’s article (in Bahasa Indonesia) can be found in the following links: Recording: https://lnkd.in/dRVRS2Mu Article: https://lnkd.in/dAC7ZKGu #NoFirmLikeUs #WeMasterTheGame

As a part the celebration of the National Electricity Day, The Indonesian Electrical Power Society (Masyarakat Ketenagalistrikan Indonesia/MKI) is hosting "Electricity Connect 2024", an event bringing together stakeholders to explore and implement technology solutions that facilitate efficient and transparent project financing, and further to enhance collaboration between lenders, developers, project owners, including PT PLN (Persero) (PLN), private companies, state-owned enterprises (SOE), and government entities. We will be taking parts in the Plenary 4 Session where our Managing Partner Pramudya A. Oktavinanda and Senior Associate Angela Vania Rustandi will speak during the Knowledge Sharing Session II under the topic "Sustainable Finance Products from Indonesian Law Perspective", while our Senior Partner Kirana Sastrawijaya will moderate the Panel Discussion I Session under the theme "Navigating Challenges and Opportunities in Renewable Energy Procurement: Developer, Sponsors and Private Equity Financing Perspective". The event will be held on: * Venue : Jakarta Convention Centre, Jakarta - Indonesia * Day/Date : Friday, 22nd November 2024 Join us and be part of the transformation toward a cleaner, more innovative future for the electricity sector! #ElectricityConnect2024 #NationalElectricityDay #MKI #EnergyInnovation #CleanEnergy #Networking

We extend our heartfelt congratulations to our client, PT Daaz Bara Lestari Tbk (DAAZ), one of Indonesia's leading commodities trading companies, on the outstanding success of its Initial Public Offering (IPO) on the Indonesian Stock Exchange! Achieving an extraordinary oversubscription rate of 323 times during the initial offering period, this IPO has set a new record for oversubscription, surpassing the previous highest in IDX history by nearly threefold. DAAZ reached a market cap of approximately IDR 1.7 trillion, and in its IDX debut, the stock price surged by 25%, reaching the Upper Auto Rejection (ARA) limit. Leading this landmark transaction, our Senior Partner Ahmad Zakaria, along with Associate Christofer Ruminsar, worked tirelessly to navigate complex regulatory requirements and secure timely approval from the Financial Services Authority (Otoritas Jasa Keuangan). Starting in June 2024, UMBRA conducted extensive due diligence, overcoming challenges posed by DAAZ’s diverse business operations and stringent compliance standards. This successful IPO highlights UMBRA’s expertise in capital markets, and we are honored to have contributed to this historical milestone. We look forward to witnessing DAAZ leverage the capital raised to advance its strategic goals, including investments in nickel ore acquisition and supporting subsidiary growth through increased working capital. Here’s to DAAZ’s continued success and its significant impact on Indonesia's commodities sector! #NoFirmLikeUs #WeGetThingsDone

We are delighted to announce that Ahmad Zakaria (Zaka), our esteemed Senior Partner, has been recognized on the 2024 ALB Asia 40 Under 40 list. This list celebrates 40 of Asia’s most outstanding young lawyers, acknowledged for their commitment to delivering exceptional legal services and building strong client relationships across the region. Zaka, a respected lawyer in Capital Markets, M&A, and Corporate Law, has consistently demonstrated a deep understanding of Indonesia’s regulatory landscape. Known for his business-oriented and practical advice, Zaka is a trusted advisor who consistently exceeds expectations and navigates complexities with clear, strategic solutions. Clients commend Zaka’s unmatched responsiveness and commitment to client success. One client noted, “Zaka’s proactive approach and attention to detail ensure that all aspects of our transactions are thoroughly covered. They are dedicated to maintaining open lines of communication, even during critical moments, ensuring that our concerns are addressed promptly," while another praised his ability to “break down complicated legal issues into easy-to-understand advice.” His extensive network and longstanding relationships with both state-owned enterprises and government agencies provide invaluable insights, positioning Zaka as an indispensable partner in capital markets. We extend our heartfelt congratulations to Zaka on this well-deserved accolade. His contributions continue to raise the bar in our profession, and we are proud to have him as a pillar of the UMBRA family. For the complete coverage of Zaka’s recognition and contributions, click here: https://lnkd.in/gy5pS3m3 #NoFirmLikeUs #WeMasterTheGame

We’re pleased to announce that Ahmad Zakaria, our Senior Partner, recently contributed to two thought-provoking sessions at the Indonesia IT Security Conference (IDSECCONF) 2024, held on October 26 at Institut Teknologi Sepuluh November, Surabaya. In his first session, titled "Legal Aspects of AI Development in Indonesia,” He explored AI advancements in leading countries like China and the Arab region, comparing their regulatory frameworks to Indonesia’s. He also addressed criminal cases involving AI, such as voice manipulation and copyright infringement, and shared strategies for mitigating these risks. During his second panel session titled “How Effective are the Personal Data Protection Act and the Electronic Information and Transactions Act in Preventing Cybercrime in Indonesia?” Ahmad Zakaria and three other panelists examined data privacy trends under Indonesia’s Personal Data Protection Law, emphasizing compliance measures essential for preventing data breaches caused by cybercrime. At UMBRA, we’re committed to fostering understanding of legal challenges in technology. We thank IDSECCONF for this opportunity and look forward to future engagements with the tech community on critical legal issues. #WeSpeakYourLanguage

As UMBRA approaches its 7th anniversary, we are proud to reflect on a year of significant achievements, including being crowned with multiple awards from the Asia Business Law Journal’s Indonesia Law Firm Awards 2024, and making history as the youngest law firm in Indonesia to receive such number of awards in a single year. Demonstrating our exceptional legal services in the most critical sectors and our dedication in meeting the intense demands of our clients for tailored solutions, industry-specific expertise, and getting-things-done attitude, we have been honoured in six key categories: (i) ESG, (ii) Energy & Natural Resources, (iii) Fintech, (iv) Infrastructure & Project Finance, (v) Mergers & Acquisitions, and (vi) Technology, Media & Telecommunications. Gita Nurina Astari, Vice President of Legal at PT Semen Indonesia Persero, shares her experience working with UMBRA: "Working with UMBRA has truly been exceptional.” We extend our sincere thanks to our clients and teams for their continuous trust and collaboration. Your support drives us to continue striving for nothing but excellence in delivering our service! For a comprehensive list of this year's winners, please follow the link: https://lnkd.in/gJaFKwFK #NoFirmLikeUs #WeMasterTheGame

Marking seven years of excellence, we’re excited to share that UMBRA has been awarded as Projects, Energy, and Infrastructure Law Firm of the Year at the ALB Indonesia Law Awards 2024! Our dedicated Project and Infrastructure Practice Group, with over 30 specialized lawyers, is passionate about guiding Indonesia through its energy transition. We take immense pride in being part of initiatives that align with the country’s net-zero emissions goals. From navigating the complexities of carbon trading to advancing renewable energy projects, our team is committed to making a meaningful difference in Indonesia's energy journey. This year, we were honored to contribute to significant projects, including the 60 MW Saguling Floating Solar Power Plant in West Java, the 70 MW Wind Farm in Tanah Laut, and the 35 MWac Floating Solar Photovoltaic Power Plant in Batam. We also successfully led the USD 63 million project financing for an integrated tourism complex in Labuan Bajo and managed the refinancing facility agreement for the Makassar-Parepare PPP Railway Project. These initiatives showcase our leadership in the energy and infrastructure sectors and reflect our dedication to project development and financing, with over 15,000 MW of combined capacity across various ventures. This award is a heartfelt acknowledgment of the hard work and passion of our incredible team and the trust and support of our valued clients. As we celebrate this milestone, we look forward to continuing our journey toward a more sustainable and energy-efficient future. Thank you for being an essential part of our success! The full winner list can be accessed through this link: https://lnkd.in/gbhpsiwG #NoFirmLikeUs #WeMasterTheGame

Strategic Alliance Between CBL International and PT Industri Baterai Indonesia Marks a Major Milestone in Indonesia’s Battery Industry Our sincere congratulations to our client, CBL International Development Pte Ltd (CBL), the world’s largest electric vehicle battery company, for entering its strategic cooperation with PT Industri Baterai Indonesia through the signing of the Interim Agreement and establishment of a joint venture dedicated to battery cell manufacturing. This collaboration marks a pivotal moment in Indonesia’s drive to become a global electric vehicle battery supply chain leader. Representing CBL in this groundbreaking venture, our Managing Partner, Pramudya A. Oktavinanda, and the head of Projects and Infra Practice Group, Kirana Sastrawijaya, assisted by Senior Associate Ajeng Ayuningtyas, worked relentlessly to navigate the tight deadlines, ensuring seamless execution of this strategic deal. With Indonesia's substantial nickel reserves, this collaboration is expected to strengthen Indonesia’s position in the global electric vehicle battery supply chain and aims to create significant economic impacts, including enhancing the capacity of Indonesia's renewable energy industry. The signing ceremony, witnessed by the Vice Minister of State-Owned Enterprises (Vice MSOE), Mr. Kartika Wirjoatmodjo, reaffirmed Indonesia’s ambition to solidify its position in the global battery market. The Vice MSOE further expressed optimism that this joint venture will strengthen Indonesia’s role in the electric vehicle ecosystem, enhancing the country’s nickel downstream program and accelerating the development of an integrated battery industry. This partnership will also play a crucial role in supporting Indonesia’s commitment to achieving Net Zero Emissions by 2060. We are honored to have contributed to this transformative milestone and remain committed to supporting further ESG driven innovations in this country! Congratulations once again to all parties involved! #WeGetThingsDone

We are pleased to share that our associates, Patia Chairunisa and Michelle Angely, were invited to speak at the 9th inFUSE Workshop – Accelerator by Neyen. In their session, “The Impact of the Indonesian Regulatory Framework on the Structuring of Emission Reduction Purchase Agreements (ERPA),” Patia and Michelle discussed key topics, including the regulatory framework for carbon trading in Indonesia, as well as the key provisions and impact of these regulations on ERPAs. The workshop brought together private sector project developers, government officials, and industry leaders interested in participating in the carbon market. Attendees also had the opportunity to engage in an interactive Q&A session, exploring the nuances of the regulatory framework and its practical implications. At UMBRA, we are committed to contributing to critical conversations on sustainability and regulatory developments, and we appreciate the opportunity to be part of such an important event. #WeSpeakYourLanguage #CarbonTrading #EmissionReductionPurchaseAgreement #inFUSEAccelerator

Our Senior Partner and Head of Securities and Corporate Compliance, Ahmad Zakaria, was recently invited as a speaker at the Mini Magister Pertamina and Universitas Gadjah Mada, where he addressed the intricate dynamics of State-Owned Enterprises (SOEs) and their subsidiaries in their dual roles as profit-driven business entities and state actors fulfilling specific societal needs. The event catered to non-legal participants, presenting a unique challenge that required legal and commercial issues to be conveyed clearly and comprehensibly. He focused on breaking down the complex legal dynamics surrounding SOEs and their subsidiaries, explaining their dual roles as business entities and state apparatuses in meeting societal needs. Through practical examples and real-world case studies, he illustrated how SOE leaders can mitigate legal risks by implementing robust governance practices and conducting thorough risk assessments. During this highly anticipated event, Zakaria offered valuable insights into how the Business Judgement Rule provides legal protection for company management in their decision-making processes. We’re proud to have received excellent feedback, particularly from non-legal participants who found his presentation easy to understand and applicable to their work, as he effectively blended practical business considerations with legal frameworks. We always appreciate the opportunity to share insights and eagerly anticipate future conversations at the crossroads of law and governance! #WeSpeakYourLanguage