State Capitalism: Kereta Api
Opposition continue to criticize president Jokowi’s approach in infrastructure development, especially his tendency to rely on state companies. The president, however, looks determined to expand the role of state companies. In this issue, let’s talk about the railway operator PT Kereta Api Indonesia, which posted net profit of Rp1.56 trillion last year, down from Rp1.72 trillion in 2017.
Revisiting Prabowo’s Assets (2)
Other than forest concessions in East Kalimantan and Aceh, Prabowo has long been linked to PT Tidar Kerinci Agung, an oil palm plantation company in West Sumatra, which sits over 20,000 hectares of concession. Prabowo’s siblings and Malaysian company were listed initial shareholders in the company.
Revisiting Prabowo’s Assets (1)
Public debate continues surrounding State assets controlled by president candidate Prabowo Subianto. The issue emerged when Prabowo indirectly expressed his pessimism about incumbent candidate Joko ‘Jokowi’ Widodo’s land reform program, including social forestry program, saying the available land is limited for redistribution. Jokowi replied by indirectly saying ‘well, you’re among those controlling huge concessions….’
Eka Tjipta Widjaja & Sinarmas Empire (3)
Sinarmas Group’s assets have long been managed by second generation of the late Eka Tjipta Widjaja. Two of the children established their own groups outside the generic name Sinarmas Group, including Sukmawati Widjaja’s Top Global Limited (SGX-listed) and Oei Hong Leong’s Chip Lian Investments. Some of the third generation have been seen in managing the Sinarmas companies.
Eka Tjipta Widjaja & The Sinarmas Empire (2)
Not only leaving a business empire, Eka leaves behind a big family, whose key members are widely known, but others are mostly unknown. Without the tsar, some wonder what kind of Sinarmas will be in the future. First of all, Eka has a nucleous family, i.e. children...
Eka Tjipta Widjaja & The Sinarmas Empire (1)
Eka Tjipta Widjaja, founder of the Sinarmas Group, has passed away Saturday (Jan 26) at 98. He leaves behind a business family worth over US$20 billion with interest in various sectors of the economy—-agriculture, consumer products, forestry, finance, mining, power generation, property, pulp & paper, telecommunication, and new economies (fintech, digital ventures).
Wiwiek Tjokrosaputro Passes Away
Wiwiek Tjokrosaputro (Kwee Hwie Lan), mother of Anne Patricia Sutanto, vice president director of textile giant PT Pan Brothers Tbk (PBRX), passed away in Jakarta Monday (Jan 7). The late Wiwiek is sister of the late Handoko Tjokrosaputro (Batik Keris Group).
New Leaders of Freeport Indonesia
PT Freeport Indonesia, one of the world’s largest copper and gold miners, has appointed new board of commissioners and directors, after 51% shares controlled by Indonesian entities. Richard Adkerson becomes chairman, while Tony Wenas as president director.
Indra Wonowidjojo
Indra Gunawan Wonowidjo (32 years old), son of Susilo Wonowidjojo—one of the heirs of Gudang Garam Group, made headlines in the past few days because of his extravagant wedding in Singapore recently.
Huawei Operations in Indonesia
Following the arrest of Huawei director by Canada and intense scrutiny from USA and its allies over ties of Chinese tech companies to Beijing government, some sources told Reuters that Japan plans to ban government purchases of equipment from Huawei and ZTE Corp. Implications to Indonesian operation?