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Indonesia’s competition agency, the KPPU, is tasked with preventing anti-competitive practices in the country. But it is hamstrung by a lack of funds, limited powers, and a government that keeps intervening

Announce date Target name Acquirer name Total value (US$ m) 5/21/2012 Tokyo Electric Power Co Inc Nuclear Damage CF Corp 8,572.90 5/21/2012 Alibaba Group Holding Ltd Alibaba Group Holding Ltd 7,100.00 5/29/2012 Gavilon Group LLC Marubeni Corp 5,600.00 6/28/2012 Progress E Resources Group Petroleum Nasional Bhd 5,050.00 04/02/2012 Asia Financial Indonesia Pte Ltd DBS Group Holdings Ltd 4,997.30 5/16/2012 Open Grid Europe GmbH Munich Re, Macq, ERGO, BC Inv, ADIA 4,078.10 4/27/2012 Samsung Mobile Display Co Ltd Samsung Electronics Co Ltd 3,772.60 5/29/2012 Assets in Chongqing Chongqing Iron & Steel Co Ltd 2,805.00 5/21/2012 AMC Entert. Holdings Inc Dalian Wanda Group Corp Ltd 2,600.00 1/1/12 – 6/30/12 2012

By Joel Hogarth, O’Melveny & Myers

Roosdiono & Partners

The Government of Indonesia’s decision to bring forward its proposed ban on the export of raw materials has left the country’s mining industry facing an uncertain future

Gustavo Vega Arrazola Savings and Credit Entities (SCEs) are regulated financial institutions of private capital authorised to develop credit and lending activities. In El Salvador, the operation of SCEs is governed by the Law of Cooperative Banks and Savings and Credit Entities, which came into force on July 1 2001, and was amended in January 1 2009 to its current regime. SCEs are monitored by the Superintendency of the Financial System. As regulated financial institutions, SCEs are subject to many Banking Law provisions. SCEs can be authorised to accept deposits from the public; nevertheless they can operate as SCEs without the authorisation to accept deposits, just developing lending and credit activities.

The Philippine Energy Regulatory Commission (ERC) approved on July 27 2012 the feed-in tariffs for solar, wind, biomass and hydropower projects. The approved tariffs are: P9.68 ($0.23) per kWh for solar, P8.53 per kWh for wind, P6.63 per kWh for biomass and P5.90 per kWh for run-of-river hydro. The ERC deferred fixing the FIT for ocean thermal energy conversion pending further study. In arriving at these tariffs, the ERC accepted the methodology used by the National Renewable Energy Board (NREB) and took into account, among other things, the cost of construction and operation of the representative plants for each renewable energy technology, the generation output or capacity factors of these plants and the reasonable return on investment to be granted the renewable energy developers. However, the approved feed-in tariffs are lower than what was proposed by the NREB, which were: P17.95 per kWh for solar, P10.37 per kWh for wind, P7.00 per kWh for biomass and P6.15 per kWh for run-of-river hydro.

Freddy Karyadi Oene Marseille The Indonesian Minister of Trade recently issued its Regulation Number 53/M-DAG/PER/8/2012 regarding the Implementation of Franchise. It replaced the Regulation of Minister of Trade Number 31/M-DAG/PER/8/2008 regarding the Implementation of Franchise. The main changes in the 2012 Regulation are as follows:

Tomohiro Okawa There are the three main types of insolvency proceedings in Japan. The first is bankruptcy proceedings under the Bankruptcy Act: liquidation-type insolvency proceedings. The second is civil rehabilitation proceedings under the Civil Rehabilitation Act: debtor-in-possession-type insolvency proceedings, which aims to enable a debtor-in-possession to recover by restructuring creditors' claims based on a rehabilitation plan. The third is corporate reorganisation proceedings under the Corporate Reorganisation Act: trustee-type insolvency proceedings, in which a court-appointed trustee manages a stock corporation to recover by restructuring creditors' claims based on a reorganisation plan. As a general matter, the Bankruptcy Act is silent on the issue of subordination and the judicial position on this issue remains unsettled. There are two opposing court precedents on this issue; a ruling of the Tokyo District Court on December 16 1991 in which the court denied the subordination of the claim submitted by the parent company of the insolvent party, reasoning that there are no statutory grounds under the Bankruptcy Act, and a ruling of the Hiroshima District Court on March 6 1998 in which the court permitted the subordination of the claim submitted by the controlling creditor of the insolvent party based on the principle of good faith.

Daniel Futej Daniel Grigel An amendment to the Slovak Insolvency Code came into effect on January 1 2012 though important provisions newly regulating the responsibility of statutory bodies and other persons will not become effective until January 1 2013. The key legislative changes concern the test of over-indebtedness and the liability of the directors of insolvent companies There are two insolvency tests: financial liquidity test (the ability of the company to comply with its due debts) and test of over-indebtedness (the ratio of the company's total assets to its total debts – until the amendment it related to overdue debts). The over-indebtedness test will be assessed taking into consideration the debtor's future (expected) economic results. Subordinated and similar debts will be excluded from calculation of a debtor's financial situation. In both instances, for a company to become insolvent it is required to prove that it has more than one creditor – in the case of the financial liquidity test, with more than 30 days overdue debts.