Indonesia issued a
decree banning foreign chief executives from running wholly owned local
companies but said the regulation would not apply to companies with foreign
investors, a senior Labour ministry official told Reuters on Saturday.
The regulation came into effect on Feb. 29, according to the ministry’s
Web site.
“It only applies to wholly owned Indonesian companies because a CEO
position handles human resources in the companies. However, for companies that
have foreign stakeholders it’s not a problem,” Titin Supenti, head of the
foreign workers division in the Labour Ministry, told Reuters.
Indonesia recently gained investment grade status and is the largest
economy in Southeast Asia boasting a large domestic market and substantial
mineral resources.
Reuters
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