Avoid Loss Of Investors And Entrepreneurs Like The Maybank And Reliance Dispute, Former Chief Justice Of The Constitutional Court Jimly Asshiddiqie Founded INIAC

JAKARTA - Legal practitioner Arif Edison and former Chief Justice of the Constitutional Court Jimly Asshiddiqie launched the Indonesia International Arbitration Center (INIAC) Foundation to provide legal certainty for entrepreneurs.

"This organization was formed as a result of the dualism of the Indonesian National Arbitration Board (BANI). The existence of this dualism has triggered huge losses for investors and entrepreneurs," INIAC Chairman Arif Edison said in a statement quoted by Antara, Sunday 6 March.

As was the case with Maybank during the dispute with PT Reliance Tbk. This case has been rolling since 2017 and has not been completed.

Long story short, he said, this case which initially had a loss value of around IDR 350 billion, jumped drastically to IDR 2 trillion after the birth of the twin verdicts as quoted from the book Twin Arbitration by Arif Edison himself.

Arif said that INIAC had received approval from the Ministry of Law and Human Rights (Kemenkumham).

He explained that this foundation will assist in handling cases with a duration of only 3 to 6 months for case settlement, twice as fast as the Singapore arbitration, namely SIAC, with arbitration decisions that can be executed almost all over the world.

In addition, INIAC also does not allow its chairman to be an arbitrator/judge who examines cases.

"The chairman of BANI is often the arbitrator who handles cases, while at INIAC the chairman cannot intervene and cannot interfere with the case. Because the management is only to serve the organization professionally," said Arif.

INIAC also implements an online justice system that keeps away from corrupt practices. The problem is, the arbitrators who are scattered in many countries will automatically make it difficult for a physical encounter between the arbitrator and the disputing parties.

"The most important thing is to be able to promote legal certainty in Indonesia to the foreign world so that it will increase the confidence of investors and foreign businessmen to enter and do business in Indonesia," said Arif.