This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PT Bukit Asam (Persero) Tbk is a state-owned Indonesian company whose core business is the mining, processing, and trading of coal. Its operations encompass the full coal value chain, from surveying and exploration to transportation and global sales.
The company has been implicated in systemic governance failures within Indonesia's coal sector. A 2024 report titled "Shedding Light on Political Corruption in Indonesia's Coal Mining Sector" details patterns of misappropriation of public funds, abuse of office, trading in influence, and bribery involving domestic officials. While a specific 2024 corruption case related to a share acquisition saw defendants acquitted, the broader sector analysis links the company to these endemic practices. Further, a 2020 report notes that mining companies in Indonesia, including coal miners, exploit regulatory loopholes to avoid their legal obligations to restore and rehabilitate former mining sites.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.