Sukarnen has worked in the industry for approximately 20 years in consulting and private sector, including involved in delivering training for corporate finance subjects and corporate finance & project finance modeling.

Successfully passing both parts of the IACVA credentialing examinations from the North America-based International Association of Consultants, Valuators and Analysts (www.IACVA.org) to earn his Certified Valuation Analyst (CVA) certification. His comprehensive case report in business valuation has been presented to the reviewers (Richard Claywell, CPA, ABV, ASA, CBA, CVA, CM&AA, CFFA, CFD, ABAR (USA), and Samuel Chan CMA, CVA (from Hong Kong-based Consulting Group Limited)).

He is a graduate cum laude in Accounting from the University of Trisakti (Indonesia) and Master of Science in Management (corporate finance major) from the University of Indonesia, and has passed the Indonesian Public Accountant certification examination in one-sit with the highest marks (awarded Soemardjo Award in 2004 from Ikatan Akuntan Indonesia – Kompartemen Akuntan Publik).

He was involved actively in leading the Initial Public Offering and Seasoned Equity Offering process of PT Duta Intidaya Tbk (or known as Watsons Indonesia, an operator of Watsons online and brick-and-mortar health and beauty retail stores in Indonesia) in 2016 and 2017, and now sitting as the independent director  & Corporate Secretary for this company, with a role as a Finance Director in 2016 then moved to Business Development Director in early 2017. Additionally he is heading directly the eCommerce business unit of Watsons Indonesia in 2018. Watsons Indonesia eCommerce business has its own Platform and also place their products through other marketplace channels, such as Lazada, Shopee, and JD.ID, and other platforms such as GoMart and ApotikAntar (both part of Go-Jek), which of all, he was part of the team in extending Watsons Indonesia into this eStore concept.

(https://youtu.be/6AkEFgAQCpA; http://www.thejakartapost.com/news/2016/06/29/watson-open-more-stores-indonesia.html; http://www.thejakartapost.com/news/2016/06/28/watsons-operator-sees-share-price-upturn-in-indonesia-trading-debut.html)

His interests are in corporate finance, valuation, transfer pricing, financial reporting & analysis, and financial modeling. He really enjoys walking, running, biking, snorkling, swimming and writing.

Sukarnen's articles published :

  • Issues relating to the Determination of Royalty Rate in Transfer Pricing, published in the bi-weekly Indonesian Tax Review magazine, Volume IV/Edisi 14/2011.
  • Derivative and Hedging: Foreign Currency Forward Contract – Indonesian Accounting and Taxation (Part 1 and 2), published in the bi-weekly Indonesian Tax Review magazine, Volume V/Edisi 02/2012 and Volume V/Edisi 03/2012.
  • Transfer Pricing: An Introduction, published in the bi-weekly Indonesian Tax Review magazine, Volume V/Edisi 18/2012.
  • A Note on the Use of Intercorporate Dividends as Non-Taxable Income in the Indonesian Income Tax Law No. 36 Year 2008, published in the bi-weekly Indonesian Tax Review magazine, Volume VII/Edisi 08/2014.
  • Joint Operation: A Note on its Assessment as a VAT-Payor in accordance with Indonesian Taxation Regulations, published in the bi-weekly Indonesian Tax Review magazine Volume VIII/Edisi 01/2015.
  • A Note on Understanding “Value” Meaning in the External Consultant’s Report for Transactions among Related Parties, published in the bi-weekly Indonesian Tax Review magazine Volume VIII/Edisi 18/2015.
  • The Benefits of [Fixed Assets] Revaluation [as per the Regulation of the Ministry of Finance of the Republic of Indonesia PMK No. 191/PMK.010/2015], published in the weekly periodicals Tabloid Kontan No. 13-XX, 2015 (p. 31) for period 21-27 December 2015.
  • Notes on the Ministry of Finance Regulation for The Fixed Asset Revaluation, published in the bi-weekly Indonesian Tax Review magazine Volume IX/Edisi 05/2016.








Ignacio Vélez-Pareja

Ignacio Vélez-Pareja is the Associate Professor of Finance at Universidad Tecnológica de Bolívar in Cartagena, Colombia, and has more than 40 years in delivering lectures, and management in private firms and consulting.

His papers, books and chapter contributions have been published in the following

  • Several international journals including Latin American Business Review, Academia, Management Research News, The IUP Journal of Applied Finance and Quarterly Review of Economics and Finance.
  • Several books on Valuation in English and Spanish, among them, Principles of Cash Flow Valuation (Academic Press, 2004) with Joseph Tham from Duke University, Decisiones de inversión (6th Edition) (EDICON, Buenos Aires, 2009) and Decisiones empresariales bajo riesgo e incertidumbre, (Editorial Norma, 2003).
  • A chapter “Valuating Cash Flows in an Inflationary Environment: The Case of World Bank” to the book by Barbara T. Credan (Editor), Trends in Inflation Research, (Nova Publishers, 2006), and a chapter “Prospective Analysis: Guidelines for Forecasting Financial Statements” with Joseph Tham, in the book Investment Management.  A Modern Guide to Security Analysis and Stock Selection, compiled by Ramanna Vishwanath and Chandrasekhar Krishnamurti, (Springer, 2009).

He has been a reviewer for several international journals, including Abacus, European Financial Management, Brazilian Finance Review (Revista Brasileira de Finanças), The Financial Review, The International Journal of Managerial Finance, Academia Revista Latinoamericana de Administración, Journal of Applied Finance and Quantitative Finance.

He has posted many papers on the subject of, among others, cost of capital, financial statements forecasting, corporate valuation, in the Social Science Research Network (http://ssrn.com/author=145648), RePec and Economic Analysis Working Papers, (EAWP). He maintains a blog on http://cashflow88.com/decisiones/cursodec.html.

Putra - Futur






Senior Associate

Muhammad Putrawal


Muhammad Putrawal Utama has been involved in various corporate finance advisory projects with different industries, and the development and delivery of training materials in Financial Modeling, Financial Analysis and Capital Budgeting for in-house and public training.

He earned a bachelor’s degree in Economics from the University of Padjadjaran (Indonesia) and has already taken a tax course held by Indonesian Association of Tax Consultants to deepen his Indonesia tax knowledge.

His interests are in corporate finance, financial modeling and valuation. In his spare time, he enjoys playing futsal, running, and travelling.

He is now pursuing his career in Transfer Pricing subject.

Muhammad Putrawal Utama's article :

A draft : The 25% Rule Issue in Transfer Pricing, that is being reviewed by the editorial staff of the bi-weekly Indonesian Tax Review magazine to be published.