Bayan Resources ownership shifts spark debate over share transfers

Public policy analyst Muhammad Said Didu has raised questions regarding the scrutiny surrounding Andi Syamsuddin Arsyad (Haji Isam) and his company, PT Jhonlin Baratama, acquiring a 30.25% stake in PT Bayan Resources Tbk (BYAN).

Didu highlighted a perceived inconsistency in how transactions are treated, comparing the purchase by Haji Isam to a 2024 share grant by Bayan founder Low Tuck Kwong. In that instance, Low transferred approximately 22% of his shares, valued between Rp101.8 trillion and Rp124 trillion, to his daughter, Elaine Low, who holds foreign citizenship. Didu argued that while the purchase by Haji Isam is being questioned, the transfer of assets to a foreign national via a gift received significantly less public scrutiny.

Low Tuck Kwong, who moved to Indonesia in 1972 and became an Indonesian citizen in 1992, built Bayan Resources from its origins under previous owner Haji Asri into a major coal industry player. The recent shift in ownership marks a new chapter for the company as market attention focuses on the implications of these significant equity transfers.