Frauds against creditors discussed in the new Indonesian Criminal Code are against a creditor who is facing bankruptcy. Before the enactment of Law No. 1 of 2023 on the Criminal Code (“New Criminal Code”) of law in Indonesia, the criminal provisions in bankruptcy have been stipulated in Law No. 1 of 1946 on Criminal Regulations (“Old Criminal Code”) of regulation in Indonesia. In the Old Criminal Code, the criminal provisions on bankruptcy are stipulated in Chapter XXVI under the title Acts Detrimental to Debtors or People Who Have Rights, whilst in the New Criminal Code, they are stipulated in Chapter XXVIII under the title Crime Against Confidence in Conducting a Business. The acts qualified as fraud in the New Criminal Code are still the same as stipulated in the Old Criminal Code.

Indonesia is blessed with an abundance of natural resources in the form of mineral commodities such as copper, tin, nickel, bauxite, iron, etc. To maximize the state’s revenue, business actors are allowed to export these commodities and the Indonesian Government, through regulation in Indonesia, has consented to a downstream mining policy.

Each and every company is required to tally up their business activity annually for the purpose conveying data and information about their company’s activities. Article 178 of Indonesian Government Regulation No. 96 of 2021 regarding Implementation of Mineral and Coal Mining Activities (“GR 96/2021”) states that the holder of a Mining Permit or Izin Usaha Pertambangan (IUP),..