Ares, Indonesia Wealth Fund Partner for Investment Opportunities
Ares Management Corp. has teamed up with an Indonesian sovereign wealth fund to explore investment opportunities in the country, according to a joint statement.
The Indonesia Investment Authority and a subsidiary of Ares have entered into an agreement to invest in Indonesia via hybrid capital and securitization, the statement showed. Ares Asia Credit funds have set aside as much as $500 million per year for such opportunities.
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Los Angeles Times
26 minutes ago
- Los Angeles Times
L.A. lawyer and son-in-law of Tom Girardi pleads guilty to contempt of court
Days after a judge sentenced legal titan Tom Girardi to seven years in prison for stealing from clients, his son-in-law — formerly a high-ranking attorney at his now-defunct firm — pleaded guilty to a federal charge in Illinois. David Lira, 65, of Pasadena, admitted Thursday to one count of contempt of court for defying a Chicago judge's order concerning the distribution of settlement funds to clients whose relatives had perished in a 2018 Indonesian plane crash. As part of broader litigation to hold Boeing accountable for defects in its 737-MAX jets, Lira and Girardi negotiated payouts totaling $7.5 million for a group of widows and orphans in 2020. But the clients, who lived in Indonesia, did not receive their full settlements. Evidence would later emerge that Girardi was routinely using client money to underwrite a lavish lifestyle with his wife, 'Real Housewives of Beverly Hills' star Erika Jayne. Lira 'knew that Girardi did not pay the Lion Air Clients' settlement funds in full, in contravention of [U.S. District] Judge (Thomas) Durkin's orders, despite [the Indonesian clients'] inquiries about and demands for their Settlements,' according to a plea agreement filed Thursday. Durkin referred the case for criminal investigation, and prosecutors in Chicago filed wire fraud and other charges against Lira and Girardi in 2021. Prosecutors dropped the Chicago-based case against Girardi, 86, last month. Girardi was separately convicted of wire fraud last year in Los Angeles, resulting in the seven-year prison sentence handed down this week. Lira, who is married to Girardi's daughter Jacqueline, began working at his father-in-law's firm in 1999. He was sometimes called the firm's senior partner, though Girardi was the sole owner. Lira resigned from Girardi Keese about six months before its 2020 collapse, after confronting his father-in-law about the Lion Air case and demanding that Girardi pay the victims. As he moved on to another firm, Lira did not alert the victims or authorities about Girardi's mishandling of the money. Lira's defense attorney, Damon Cheronis, noted that 'the plea agreement did not assert any acts of fraud on the part of Mr. Lira.' 'Mr. Lira continually asked Mr. Girardi to pay these clients their rightful settlement money pursuant to the court order, however Girardi did not,' Cheronis said in a statement. Lira is scheduled to be sentenced on Oct. 8. Prosecutors have not yet recommended a particular penalty, but they indicated in the plea agreement that under federal sentencing guidelines, Lira faces six to eight years in prison. Girardi and Lira represented the victims in the Lion Air crash alongside Chicago-based lawyer Jay Edelson. It was ultimately Edelson who brought to the judge's attention that the Indonesian clients were not paid by Girardi. 'We're pleased that David Lira, after years of portraying himself as an innocent bystander, has finally admitted he is a criminal,' Edelson told The Times on Thursday. 'We remain hopeful that the other criminals who helped Girardi pull off the largest Ponzi scheme in the history of the plaintiff's bar will also face disbarment and long prison sentences.' The widows and orphans ultimately received their settlement payments after Edelson's insurance provider agreed to foot the cost. The State Bar is pursuing disciplinary action against Lira and two other attorneys who worked at Girardi Keese. Lira continues to practice for a Century City law firm, though restrictions imposed by a bar court judge prohibit him from handling client money.
Time Business News
11 hours ago
- Time Business News
KPPLI Corporation: Leading One-Stop Permit Consulting Solutions Across Indonesia
When it comes to navigating Indonesia's complex regulatory landscape, businesses often find themselves drowning in paperwork, confused by ever-changing government requirements, and struggling to maintain compliance while focusing on their core operations. This is where KPPLI Corporation steps in as your trusted partner, transforming what could be a bureaucratic nightmare into a streamlined journey toward success. The Journey That Started in 2019 Since 2019, KPPLI Corporation has established itself as a pioneer in One-Stop Permit Consulting Solutions, expanding its reach across every region of Indonesia. What began as a vision to simplify permit processes has evolved into a comprehensive support system that has witnessed and contributed to Indonesia's remarkable economic growth and development. The story of KPPLI isn't just about business growth—it's about understanding the pulse of Indonesian commerce and recognizing that behind every permit application is a dream, a business vision, and people whose livelihoods depend on getting things right. This human-centered approach has been the cornerstone of our success and the reason why businesses across the archipelago trust us with their most critical regulatory needs. Our Mission: More Than Just Permits At KPPLI Corporation, we operate with a clear and compelling mission statement that goes beyond traditional consulting: 'We provide an end-to-end contribution to help our clients accelerate sustainable and inclusive growth by guiding their journey to comply with Indonesia Government Regulation. We conquer complexity, diversity, and equity through upholding our clients' satisfaction as well as our own.' This isn't corporate jargon—it's a promise we live by every single day. When you work with us, you're not just getting permit assistance; you're gaining a partner who understands that compliance is the foundation upon which sustainable business growth is built. The Expertise That Makes the Difference What sets KPPLI Corporation apart isn't just our nationwide presence or our comprehensive services—it's our people. Supported by experts with more than 15 years of experience in environmental consulting and permit management, our team brings a depth of knowledge that's hard to find elsewhere in the industry. These aren't just consultants who read regulations from books. Our experts have been in the trenches, working with businesses of all sizes, from ambitious startups to established multinational corporations. They've seen the regulatory landscape evolve, adapted to new requirements, and developed strategies that work in the real world, not just on paper. This experience translates into practical benefits for our clients. When you're working with our team, you're getting insights that come from years of hands-on experience, relationships built with government agencies over time, and a deep understanding of how to navigate the system efficiently and effectively. A Nationwide Network That Works for You One of the most significant advantages of choosing KPPLI Corporation is our extensive network across Indonesia. We don't just operate from a single location and try to manage nationwide projects remotely. Instead, we've established regional branches staffed with local experts who understand the specific requirements and nuances of their respective areas. This regional approach means that whether your business is based in Jakarta's bustling commercial district, Surabaya's industrial zones, Medan's growing economy, or any other city across Indonesia, you have access to experts who know the local landscape intimately. They understand local government procedures, have established relationships with regional officials, and can navigate area-specific requirements with ease. Environmental Consulting: Our Core Strength As Environmental Consultants, KPPLI Corporation recognizes that environmental compliance isn't just about checking boxes—it's about building a sustainable future for Indonesian businesses and communities. Our environmental consulting services are designed to help businesses not just meet current requirements but also prepare for future regulations and changes in environmental policy. We work with companies across various industries, from manufacturing and mining to hospitality and retail, helping them understand their environmental obligations and develop strategies that protect both their business interests and Indonesia's natural resources. This dual focus on business success and environmental protection reflects our commitment to sustainable and inclusive growth. Comprehensive Solutions for Complex Challenges The beauty of working with KPPLI Corporation lies in our one-stop approach. Instead of having to coordinate with multiple consultants, agencies, and service providers, our clients can rely on us to handle their entire permit portfolio. This includes everything from initial permit applications and renewals to compliance monitoring and regulatory updates. Our services cover a wide range of permits and licenses, including environmental permits (AMDAL, UKL-UPL), business licenses (NIB, OSS), industrial permits, construction permits, and specialized sector permits. We also provide ongoing compliance support, helping businesses stay current with changing regulations and maintain their permits in good standing. Building Trust Through Transparency Trust is the foundation of any successful consulting relationship, and at KPPLI Corporation, we've built our reputation on transparency and integrity. Our clients know exactly what we're doing, why we're doing it, and what to expect at every step of the process. We believe in keeping our clients informed and involved. Regular updates, clear communication, and honest assessments are standard practice. If there are challenges or delays, we communicate them immediately along with our plan to address them. This approach has helped us build long-term relationships with our clients, many of whom have been working with us for years. The KPPLI Advantage: Why Businesses Choose Us When businesses evaluate their options for permit consulting services, several factors make KPPLI Corporation the preferred choice. First is our track record of success. Over the years, we've helped thousands of businesses navigate Indonesia's regulatory requirements successfully, building a reputation for reliability and effectiveness. Second is our comprehensive approach. Rather than specializing in just one type of permit or one industry, we offer broad expertise that can handle complex, multi-faceted projects. This is particularly valuable for businesses that need multiple permits or those operating in industries with overlapping regulatory requirements. Third is our commitment to client success. We don't just process paperwork; we work to understand our clients' business objectives and align our services to support those goals. This means we're always looking for ways to streamline processes, reduce costs, and minimize disruption to our clients' operations. Looking Toward the Future As Indonesia continues to evolve its regulatory framework and businesses face new challenges in an increasingly complex global market, KPPLI Corporation remains committed to innovation and excellence. We're constantly updating our knowledge, expanding our capabilities, and refining our processes to serve our clients better. Our vision extends beyond just being a service provider. We want to be the partner that helps Indonesian businesses thrive while contributing to the country's sustainable development goals. This means staying ahead of regulatory changes, anticipating future requirements, and helping our clients prepare for tomorrow's challenges today. Your Partner in Sustainable Growth Choosing the right permit consulting partner can make the difference between business success and regulatory complications that drain resources and delay growth. With KPPLI Corporation, you're not just hiring a consultant—you're gaining a partner committed to your success and Indonesia's sustainable development. Our team stands ready to help you navigate the complexities of Indonesian regulations, secure the permits you need, and maintain compliance so you can focus on what you do best: running and growing your business. Whether you're just starting your journey in Indonesia or you're an established business looking to expand, we have the expertise, experience, and commitment to support your goals. For more information about our comprehensive permit consulting solutions and to discover how we can support your business objectives, visit us at and let's start building your path to regulatory compliance and business success together. TIME BUSINESS NEWS
Yahoo
13 hours ago
- Yahoo
Indonesia allowing nickel industry abuses to go unchecked: report
The Indonesian government is allowing environmental damage including deforestation and violations against Indigenous people to go unchecked around a multi-billion dollar industrial park on a once-pristine eastern island, a report said Thursday. Indonesia is both the world's largest nickel producer, and home to the biggest-known reserves, and a 2020 export ban has spurred a domestic industrial boom. Operations have grown around Weda Bay, the world's largest nickel mine by production, on Halmahera island as Indonesia exploits the metal reserves used in everything from electric vehicle batteries to stainless steel. Climate Rights International (CRI) said companies had caused a spike in air and water pollution and deforestation around the industrial park, accusing the government of ignoring their conduct. "The Indonesian government is giving a green light to corporate practices that prioritise profits over the rights of local communities and the environment," Krista Shennum, researcher at Climate Rights International, told AFP. "The Indonesian government should immediately hold companies accountable. This could include civil penalties, criminal prosecutions, or rescinding permits." Much of the park's nickel is sourced by Weda Bay Nickel (WBN), a joint venture of Indonesian mining firm Antam and Singapore-based Strand Minerals, with shares divided between French mining giant Eramet and Chinese steel major Tsingshan. An AFP report last week detailed how the home of the nomadic Hongana Manyawa tribe was being eaten away by the world's largest nickel mine, with members issuing a call for nickel companies to leave their tribal lands alone. - 'Criminalisation, harassment' - Locals have reported a rise in air pollution from nickel processing smelters and rivers polluted by nickel tailings in soil brought down by heavy rain. Water tests by Indonesian NGOs AEER, JATAM, and Nexus3 Foundation in 2023 and 2024 "revealed dangerously high levels of nickel and hexavalent chromium, among other pollutants", the report said. "(Companies) are failing local communities by not making information about the safety of important drinking water sources publicly available and accessible," said Shennum. Both WBN and Eramet told AFP last week they work to minimise impacts on the environment, including conducting water tests. CRI also said Indonesian and foreign companies in coordination with police and military personnel had "engaged in land grabbing, coercion and intimidation" of Indigenous peoples and other communities. Local activists and students opposing the industrial park have "faced criminalisation, harassment and smear campaigns", the report said. Weda Bay Nickel and the Indonesian government did not immediately respond to a request for comment. But Indonesia's energy ministry told AFP last week it was committed to "protecting the rights of Indigenous peoples and ensuring that mining activities do not damage their lives and environment". jfx/dhc
