TEMPO.CO, Jakarta - The Indonesia Investment Coordinating Board (BKPM) has revoked 140 investment licenses of foreign companies in East Nusa Tenggara (NTB) for failing to realize its investment plan during the 2007-2012 periods.
"No more apologies. All [of the revoked licenses] cannot be extended," said Ridwan Syah, Head of the East Nusa Tenggara BKPM office on Friday, May 22, 2015.
An investment license will only be valid for three years. If a company fails to report its investment activities and no offices were available to visit, the company's investment license will be revoked even if the company had managed to acquire the land needed for the investment. Later, BKPM will refer the acquired land to other investors.
Based on BKPM's calculation, the value of investment realization in 2015 had reached Rp 519.5 trillion.