Any creditor on the hook to Indonesia's coal mining industry will not be sleeping easily these days. It appears the country's nebulous legal framework is set to turn on capital providers in the face of that sector's brutal - and perhaps terminal - decline. What would be the memo to yourself if you were contemplating investment in a country with the level of judicial caprice that is Indonesia's hallmark? Well, remember the way elites in such a country operate: it's always useful to have a raft of arcane laws peppered with sub-clauses that are seldom referred to when an industry is in its boom phase. It's all smiles, figuratively and literally, when you seek to come in and invest.
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