Well, have you heard about Indonesia's mandatory
divestment rule, especially in the mining, mineral, and coal sectors?
Foreign investors can initially own up to 100% of an Indonesian mining company (PT PMA), but Indonesia's regulatory framework strongly promotes resource nationalism through mandatory divestment requirements. Under the divestment rule, foreign shareholders are required to gradually divest their shares to Indonesian parties, such as the central or regional government, state-owned enterprises (BUMN), or Indonesian private companies until Indonesian ownership reaches at least 51%.
The divestment timeline depends on the type of mining operation. For most standard mining projects, divestment starts in the 5th year of commercial production and must reach 51% Indonesian ownership by the 10th year. However, for more complex underground mining operations with integrated processing and refining facilities, the divestment obligation is deferred, with the 51% requirement not applying until the 20th year of production.
This is how Freeport McMoran parent company, for instance lose their control in Grasberg mine in Papua, Indonesia, one of the largest copper and gold deposits in the world. They now only own 48.8% while the remaining 51.2% is now owned by Indonesia's state-owned enterprises and Indonesian private businesses. Also that is allegedly one of the main reason why some foreign countries try to help the separatist movement in Papua keep the issue afloat to help them gain independence. Also one of the main reason why some of Indonesian private companies who do not have experience in mining sector suddenly jump into the gravy train and become one of the most prominent businessmen and become very rich owing mining companies. Keep in mind Indonesia is a country with one of the largest nickel, tin, coal, copper reserve in the world. Natural resource nationalism will not necessarily be fully successful. Some of them did not end up well, A few of these Indonesia's private businessmen and high ranking officials of the state owned enterprise have been tried and sentenced in major corruption cases if you follow this thread.
https://jakartaglobe.id/news/two-prominent-travel-industry-figures-arrested-in-indonesias-hajj-quota-scandal It's an endless stream...... When I try this link it comes back as Error 403. I also tried the Jakarta Globe with the same result. Then tried using a VPN to relocate in different places...
www.expatindo.org
Also keep in mind that just because they have not been caught does not mean they have been conducting their business with integrity or maintaining regulatory compliance.