Prabowo Coalition to Amend Banking, Oil and Gas Laws

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  • Idrus Marham. TEMPO/Hariandi Hafid

    Idrus Marham. TEMPO/Hariandi Hafid

    TEMPO.CO, Jakarta – The Red-and-White coalition (KMP) led by losing presidential candidate Prabowo Subianto is planning to revise a number of laws it considers to be against the national interest.

    Golkar Party secretary general Idrus Marham said the laws concerning oil and gas, mineral and coal, as well as banking, are included in the planned amendment.

    Idrus said the laws need to be revised to secure the national interest. The current regulations regarding banking, he said, had opened loopholes for foreign ownership.

    "There are some ambiguities [in the banking law]. We’re talking about the national interest, but foreign ownership can be as much as 100 percent. There has to be an effort to put this to an end,” Idrus said on Wednesday, October 8, 2014.

    According to Idrus, the Red-and-White coalition has listed about a hundred laws it viewed as contradicting the constitution.

    “All [of the laws] will be harmonized [with the constitution] to make them ideal,” Idrus said.

    Idrus explained that the revision was proposed as part of the coalition’s efforts to put the national legislation into order. He also called on the public not to deem it as a bid to tackle the government.