Indonesia’s wealthiest business families are facing unprecedented pressure. Over the past year, major conglomerates have seen assets seized, investigations resurrected, licenses scrutinized, and long-standing projects thrown into uncertainty. The latest development — a six-month travel ban on Victor Rachmat Hartono of the Djarum Group — is not an isolated enforcement action. It is part of a sweeping realignment of economic power underway in Indonesia.

State-owned oil and gas firm, Pertamina, one key operating unit of sovereign wealth and fund Danantara, is currently working to divest its four non-core business subsidiaries in hospital, hotel, airline, and insurance sectors, while closing two entities based in London and Singapore, focusing more on the oil and gas business and renewable energy. 

Two major statements came out from the State Palace on Thursday (Nov 20). Both are related to efforts to boost self sufficiency of supply chain for the President’s ambitious free meal program (MBG). 

XLSmart (EXCL) has just released financial statement for the period ended September 30, 2025 last week. The company, merged from XL Telecom (EXCL) and SmartFren (FREN), booked net loss of Rp2.59 trillion from sales revenue of Rp30.5 trillion in the first nine months of 2025.

About two weeks ago, local media in East Kalimantan posted a picture of some high-ranking officials witnessing the forfeiture of 116.9 hectares of area classified as illegal coal mining in Makarti village, Marangkayu sub-district of Kutai Kartanegara regency.

Shares of Bank Central Asia (BBCA), the largest bank in private sector controlled by Hartono Family (Djarum Group), ended slightly lower by 0.6% to Rp8,425 on Thursday (Nov 20) when few started to digest the news surrounding the travel ban against Victor Rachmat Hartono, heir of the business family. 

Officially, the Directorate General of Immigration confirmed that Victor Rachmat Hartono, the director of PT Djarum, along with several tax officials and consultants, was barred from leaving the country for six months starting November 14. The order came at the request of the Attorney General’s Office as part of an investigation into alleged bribery linked to tax amnesty program.

The latest standoff between lawmaker Adian Napitupulu and Finance Minister Purbaya Yudhi Sadewa over the crackdown on imported second-hand clothing may look like a trivial fight about thrift shops. It is not.

Percentage of export tax on coal is yet to be set, but for gold it could reach 15% if the precious metal remains above US$3,200 per troy ounce. Who’ll be affected? Implications to the economy?

Frustrated with weak collection of taxes, Prabowo government is trying to revive export tax for coal and gold. While it might work nicely for gold, given the current high price and huge profit recorded by miners, additional tax on coal could hurt the coal economy.