Indonesia’s Top 10 Capital Market Lawyers Revolutionising the Industry in 2023

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In the rapidly growing and evolving Indonesian capital market, several highly skilled and knowledgeable lawyers have stood out for their exceptional expertise and ingenuity in managing transactions and advising clients. This article showcases ten of these talented individuals, detailing their professional affiliations, specific industry expertise, and notable achievements. These legal dynamos have significantly contributed to the vibrancy and advancement of Indonesia’s capital market sector.

They have advised on initial public offerings (IPOs), represented financial institutions in securities matters, counseled government entities on sovereign bonds, and handled both debt and equity issuances. Others have guided clients through the legal aspects of acquisitions and ushered in significant innovation in structured products. By maneuvering through complex, highly regulated industries and industries keen for disruptions, they have proven their capacity to navigate through any challenge.

These celebrated capital markets lawyers have molded the legal landscape in Indonesia, making their mark in different sectors such as telecoms, natural resources, retail, healthcare, energy, and banking. Get to know these notable figures in the following sections.

Melli Darsa

Melli Darsa, a noted figure in PwC Legal Indonesia, is recognized for representing both foreign and domestic clients, including financial institutions covering a wide range of securities matters.

Yozua Makes

A driving force behind Makes & Partners, Yozua Makes is highly regarded for his expertise in IPOs, particularly in highly regulated industries.

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Kristo Molina

At Witara Cakra Advocates in association with White & Case LLP, Kristo Molina has gained strong client recognition for his proficiency in Indonesia’s ECM space, handling capital markets and banking issues, and advising clients on respective issuances and regulatory matters.

Mohammad Renaldi Zulkarnain

An esteemed partner at Assegaf Hamzah & Partners, Mohammad Renaldi Zulkarnain specializes in sovereign bonds, offering his expertise in advising government entities. He is adept at handling both debt and equity issuances.

Iqbal Darmawan

Iqbal Darmawan of Hadiputranto, Hadinoto & Partners offers advice on debt and equity issuances, including capital markets aspects of mergers and acquisitions and Indonesian securities regulations. His work spans various sectors including telecoms, natural resources, and retail.

Putu Suryastuti

Stationed at Assegaf Hamzah & Partners, Putu Suryastuti has made a name advising issuers and banks on bond issuances and rights issues in Indonesia. She is particularly active in representing financial institutions in their capital-raising activities.

Andrew Mohammad

Andrew Mohammad, a pivotal figure at Ginting & Reksodiputro in association with Allen & Overy LLP, focuses on debt issuances in the Indonesian market, assisting his clients with both global and domestic bonds. He is also knowledgeable in equity issuances.

Jennifer Tumbuan

Jennifer Tumbuan acts as the managing partner of Tumbuan & Partners in Jakarta. She is known for assisting domestic companies on the legal aspects of IPOs, bond issuances, and capital markets aspects of acquisitions.

Rambun Tjajo

Rambun Tjajo exhibits considerable expertise in debt and equity capital markets at TJAJO & Partners. His deals extend to sectors such as healthcare, energy, and banking.

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Arie Armand

Located in Jakarta’s Armand Yapsunto Muharamsyah & Partners, Arie Armand regularly counsels banks on structured products in the Indonesian market.



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