There are plenty of Indonesian names mentioned in the Panama Papers, the massive leak of about 11.5 million confidential documents from the database of Panama-based law firm Mossack Fonseca. Here we present the top 20 of largest Indonesian companies mentioned in the leaked documents. Although it is widely known that offshore firms (special purpose vehicles) in tax havens are set up to engage in tax evasion, it needs to be emphasized that not all people and companies named in the documents are in fact involved in violations of the law.

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According to the Central Java Police Department, executions of 13 convicted drug traffickers - through firing squad - are being prepared and should be completed within a couple of weeks. Names and nationalities of the 13 people on death row in Indonesia have not been published yet. However, it is reported in media that three Indonesian prisoners have been transferred to the island Nusa Kambangan, the location where executions usually take place, on Sunday (08/05).

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The ten Indonesian hostages that were kidnapped by Al Qaeda-linked Abu Sayyaf militants in late March - when their coal vessel was sailing in Philippine waters - have been released, unharmed, on Sunday (01/05). It was reported in local media that tug boat operator Patria Maritime Lines agreed to pay the 50 million peso (approx. USD $1 million) ransom that had been demanded by the rebels. The ten Indonesian hostages arrived in Jakarta in the early hours of Monday (02/05).

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Indonesia's Business Competition Supervisory Commission (KPPU) penalized 32 Indonesian cattle importer and beef feedlot companies with a combined IDR 107 billion (approx. USD $8.1 million) in fines on grounds of the practice of unfair competition. These 32 companies have been found guilty of forming a cartel with the aim of controlling local beef prices, curtailing beef imports, and curtailing the distribution of beef at the expense of the Indonesian consumer, particularly in the Greater Jakarta area.

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Coal shipments between Indonesia and the Philippines are disrupted by the recent series of incidents that occurred in the seas off the coast of the southern Philippines. Two Indonesian coal ports are now (temporarily) disallowing Indonesian ships from transporting coal to the Philippines. Security concerns heightened after members of the militant Al Qaeda-linked Abu Sayyaf network (based in the southwestern part of the Philippines) captured 18 Indonesians and Malaysians in three separate ship hijackings in recent weeks. It is feared that the waters around the southern Philippines become the new Somalia.

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Not only in Indonesia but also around the globe tax evasion remains a major problem for governments and tax offices. This problem was again highlighted by the Panama Papers, the massive leak involving around 11.5 million confidential documents from the database of Panama-based law firm Mossack Fonseca. These documents make mention of political figures, businessmen, celebrities and sport stars who have created secret shell companies and offshore accounts in an effort to avoid tax obligations. World leaders have again vowed to combat tax evasion.

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Reportedly, around 3,000 Indonesian individuals and companies are mentioned in the Panama Papers, the massive leak involving around 11.5 million confidential documents from the database of the world's fourth-largest offshore law firm, Mossack Fonseca. These documents show how political figures as well as celebrities, sport stars and businessmen exploit secretive offshore tax regimes. Icelandic Prime Minister Sigmundur David Gunnlaugsson became the first victim of the leakage (he resigned on Tuesday). What about Indonesia and the Panama Papers?

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Ten Indonesians have reportedly been taken hostage by Al Qaeda-linked Abu Sayyaf militants after their Indonesian vessel, en route from Banjarmasin (South Kalimantan) to the Philippines, was hijacked in Philippine waters. According to local media the Indonesian vessel (a tug boat) was found abandoned in the Philippines' Tawi-Tawi province and a USD $1 million ransom has been demanded in exchange for the crew's release. The incident apparently already happened on Saturday (26/03). Indonesia's Foreign Affairs Ministry and State Intelligence Agency (BIN) have confirmed the case.

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Indonesian Agriculture Minister Andi Amran Sulaiman has a strong suspicion that the "rice mafia" is behind the recent fluctuations in rice supply and prices in Indonesia. Suspicion emerged after new rice supplies suddenly 'flooded' Indonesian markets in February when prices of rice had already risen due to the scarcity of supplies. Sulaiman believes there is a cartel consisting of six big Indonesian rice distributors that deliberately hid rice output after last year's harvest and waited for prices to rise significantly before supplying rice to the markets in order to see higher profits.

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Former Indonesian Minister of Tourism (2004-2011) as well as former Minister of Energy and Mineral Resources (2011-2014) Jero Wacik was sentenced to four years in prison and a IDR 150 million fine by the Jakarta Anti-Corruption Court on Tuesday (09/02) as he was found guilty of being involved in two embezzlement cases. Wacik is yet another example of a high positioned Indonesian politician that sees his career ended by a corruption scandal and prison sentence.

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On Tuesday (29/04), Jakarta's Anti-Corruption Court sentenced Rudi Rubiandini, former Head of Indonesia's oil & gas regulator SKK Migas, to seven years in prison for money laundering and accepting bribes from Singapore-based Kernel Oil Pte Ltd and Indonesia-based Kaltim Parna Industri. These bribes were given in exchange for securing a win in an oil tender. In addition, Rubiandini was imposed a fine of IDR 200 million (or another three months in prison). Rubiandini was reported to not file an appeal to the court's verdict.

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The tax crime case which involves Bank Central Asia (BCA), Indonesia's largest lender by market value and the second-largest bank by assets, is not expected to have a significant impact on the performance of the shares of BCA. Earlier this week, Hadi Poernomo (Director General of taxation from 2002 to 2004) was questioned by Indonesia's Corruption Eradication Commission (KPK) on allegations of accepting bribes in exchange for tax exemptions - worth of IDR 375 billion (USD $32.8 million) - granted to BCA.

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With Indonesia's presidential election approaching (9 July 2014), investors - both domestic and foreign - have become more hesitant to commit to large investments, instead preferring to wait for the election results first. Obviously, investors want to see a 'market friendly' president to lead Southeast Asia's largest economy for (at least) the next five years; a ruler who can safeguard a conducive investment climate. For the Indonesian people, a just ruler is needed; one who can improve Indonesia's political and social issues.

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Late on Tuesday evening (13/08), the Corruption Eradication Commission (KPK) arrested Rudi Rubiandini, head of the Upstream Oil and Gas regulatory special task force (SKK Migas) for allegedly accepting bribes amounting to USD $400,000 from Kernel Oil Pte Ltd, which is headquartered in Singapore. Four other people were also arrested in connection with this case. Rubiandini is currently being questioned by the KPK. The institution has one day to determine Rubiandini's legal status.

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If presidential elections were to be held today, it is probable that Prabowo Subianto would be chosen by the Indonesian electorate to become Indonesia's next president. Various surveys indicate that Prabowo, a former high military officer as well as a successful businessman, is the most popular person to replace incumbent president Susilo Bambang Yudhoyono in mid 2014 when new presidential elections will be held (which are not joined by Yudhoyono as he is finishing his second and final term as president).

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Although Indonesia’s next presidential election will be held in mid-2014, Aburizal Bakrie already announced in 2012 that he would run for the presidency on behalf of the Golkar party, one of the leading political parties of Indonesia and once the strong political vehicle of Suharto during the New Order regime (1965-1998). However, Bakrie, chairman of Golkar and often referred to by his nickname 'Ical', is one of the most controversial figures in modern Indonesian politics and business.

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Last Saturday, the Democratic Party (PD) selected Indonesia's president Susilo Bambang Yudhoyono as the new chairman of the crumbling political party through an extraordinary congress in Bali. Yudhoyono thus replaced former chairman Anas Urbaningrum, who resigned from his post last month after being accused of involvement in a corruption case. It will be Yudhoyono's task to repair the image of his PD party, while still performing his duties as president.

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Yesterday it was announced that the Bakrie Group, one of Indonesia's most controversial and richest conglomerates, has signed a heads of terms agreement that sets out conditions for the Bakrie's withdrawal from London-listed coal miner Bumi Plc. Bumi Plc, having the largest coal deposits in Indonesia at its disposal, was established in 2010 by British financier Nathaniel Rothschild and the Bakrie Group to bring coal assets to European investors.

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Just a few years ago, Susilo Bambang Yudhoyono's Democratic Party (in Indonesian Partai Demokrat or PD) enjoyed huge popularity among Indonesia's population. More than one fifth of the electorate voted for the 'Democrats' in the 2009 parliamentary election, a notable achievement in Indonesia's pluralistic society. In particular, the party's hard stance towards corruption was likened by the people. Now, however, the party crumbles under its own weight.

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