Sari Kusuma is Co-Founder and Principal of Indonesia Stock Loans, where she leads the parts of a transaction that decide whether it is sound: structuring, custody, and disclosure. If a deal lives or dies on its mechanics, those mechanics are her domain.
Her work centres on how a pledge is actually built and held in Indonesia. She is closely versed in scripless settlement and the C-BEST system at the Indonesian Central Securities Depository (KSEI): the borrower opens an account with the designated custodian, over which the lender takes security; the shares sit in that account, with beneficial ownership preserved. She matches the custody arrangements to a given structure and recourse profile, and where a counter sits in a sector subject to foreign-ownership limits, she structures around those limits rather than past them.
Any disclosure or regulatory obligations are a matter for your own Indonesian legal counsel, engaged in parallel; we act as arranger and introducer and do not provide legal or regulatory advice. Sari works alongside that counsel so the structure is documented and held cleanly, with the consequences understood before execution rather than discovered after it.
Sari's view is that discretion and rigour are the same thing: a structure that is properly documented, properly held, and properly disclosed is also the one least likely to surprise the client. She leads the documentation stage alongside the borrower's chosen counsel, and stays close to the position through the life of the loan.
She works in Bahasa Indonesia and English throughout. Nothing she writes here is legal or investment advice; it reflects her professional perspective on how Indonesian share-backed financing is built.