GlobeAsia 150 Richest Indonesians (101-125)

By Globe Asia on 03:45 pm Jun 01, 2012
Category Archive

101. Sukamdani Gitosardjono, 84
Sahid Group
Hotels, property
$226 million

Sukamdani is an experienced player in the hotel business, with his Sahid Hotel network operating since 1954. The company, which is now run by the patriarch’s five children, controls 30 hotels and plans to add another 20 to its network by 2013. The group is also eyeing opportunities in Southeast Asia, with expansion to Vietnam and Cambodia reputed to be in the pipeline. Sahid recently acquired Rp180 billion in debts to refinance maturing debt and refurbish its existing facilities. The group posted a meager Rp10 billion of net income last year. The group also has interests in education and hospitals and expects to see its 52-story Sahid Sudirman office tower completed by 2014. The businessman also controls the Bisnis Indonesia daily.

102. Suryadharma Paloh, 61
Media Indonesia/Metro
Media, hotel
$220 million

Media mogul Surya Paloh, who is also the market leader in the catering business, has always been deeply involved in politics, initially as a student activist and then for many years as a leader of the Golkar Party. After a number of rejections by the party of his attempts to gain senior leadership positions he finally became disenchanted and formed the National Democrats mass organization, where he serves as chairman. The organization is closely affiliated with the National Democrats political party, which has won the right to contest the 2014 elections. His recent emergence as a party patron fueled accusations that both organizations are one and the same. With another media mogul, Hary Tanoesoedibjo, teaming up as secretary general of the party, many analysts believe it has a legitimate legitimate shot in the next general election. In business, Surya controls Media Indonesia newspaper, news channel MetroTV and several top-name hotels, while his catering business Indocater is considered the market leader. His Surya Energi Raya is reported to have a stake in the lucrative Cepu oil field in Central Java.

103. Henry Onggo, 79
Ratu Sayang Group
Property
$218 million

Property developer Henry’s PT Ratu Sayang International group made a fortune acquiring strategic locations to build Jakarta’s Landmark office complex and the Ratu Plaza offices and shopping center on Jl. Jend. Sudirman. He also has interests in textiles and owns a 9.4% stake in PT Unitex, a manufacturer and exporter of polyester and cotton fabrics based in Bogor, West Java. The company, which posted Rp8 billion in losses last year, is a subsidiary of Japan-based manufacturer Unitika Ltd.

104. Chandra Lie, 48
Sriwijaya Air
Airlines
$215 million

When Chandra Lie founded Sriwijaya Air in 2003, the airline had just a single aircraft. Now it is a frequent flyer in Indonesia’s airspace, with 32 planes flying to 38 domestic and international destinations. Chandra has more plans for the airline to serve longer routes more frequently. The airline’s newest addition of its first Boeing 737-800 provides a cost-efficient workhorse. Sriwijaya expects a total of 20 Boeings to be delivered by 2015, allowing the airline to expand its routes to areas such as Papua. One task still ahead of the businessman is to improve his airline’s safety record. Last year a Sriwijaya aircraft skidded off the runaway at Yogyakarta’s airport, and although it has never had a serious crash, the airline is still banned from entering European skies.

105. Kaharudin Ongko, 75
Ongko Group
Property, ceramics
$210 million

Kaharudin made a sound investment when he joined with PT Keramika Indonesia Asosiasi Tbk., the first Indonesian company to produce ceramic tiles. He later bought out the other shareholders and developed it into Indonesia’s fifth largest leading ceramic producer. Last year, Thailand’s Siam Cement Plc. purchased 93.5% of the company. Although no details were provided, based on the tender offer price of Rp85 per share, the transaction should be valued at around Rp669 billion. In property, the company owns several assets in Jakarta and was reported to have interests in a palm oil estate in Jambi.

106. Anton Setiawan, 66
Tunas Group
Car dealership
$208 million

With over 30 years experience in the business, Anton has represented both Japanese and European brands. His initial agency opened in 1976, selling and servicing Fiat, Holden and Mercedes-Benz vehicles. Anton introduced modern management systems to the company, winning many awards for his business acumen. In 2006 he took the prestigious Ernst and Young award for his dedication to developing entrepreneurship in the country. Rico Setiawan, 40, is now president director of the group and has continued the task of making it one of the best automotive dealerships in Indonesia.

107. Siswono Yudohusodo, 69
Bangun Cipta Sarana
Infrastructure, property, tourism, agribusiness
$205 million

Siswono founded Bangun Cipta Sarana, a construction company, in 1969, just a year after he graduated as a civil engineer from the Bandung Institute of Technology. Over the years, the company got involved in numerous construction projects including the development of Belawan Port in Medan. The company controls several subsidiaries engaged in clean water distribution, livestock breeding, real estate, property and hotels. Siswono has significant experience in government, having served as Minister of Public Housing and then as Minister of Transmigration between 1988 and 1998. He was the running-mate of Amien Rais in the 2004 presidential election, but the pairing won little support.

108. Benny Suherman, 65
Studio 21 Group
Cinema chain
$203 million

Last year’s policy shift on imported film taxation not only isolated Indonesian movie goers from blockbuster movies but also put Benny’s Studio 21 Group, Indonesia’s largest cinema network, in the middle of a major storm. The government argued that three film importers, which it alleged were affiliated with Studio 21, thus creating a near-monopoly situation, had failed to pay taxes amounting to Rp300 billion. The saga has yet to be concluded and there continue to be grave concerns over the lack of competition in the sector. Founded in 1987, the company runs 122 theaters across Indonesia and introduced Indonesia’s first IMAX theater in May. Studio 21’s position as an established played was challenged by the emergence of competitor BlitzMegaplex in 2006 but it remains a minor irritant. Benny himself is far less prominent, with Group 21 now run by Harris Lesmana.

109. Pontjo Sutowo, 62
Nugra Santana Group
Hotels, property
$185 million

The Sutowo family fortune began when Ibnu Sutowo, one of Suharto’s loyal generals, was appointed head of Pertamina in the early years of the New Order era. Somehow, despite Ibnu nearly bankrupting the country with outrageous deals on tankers, the family came to control a sizeable chunk of land at Senayan, one of Jakarta’s most prestigious sites. Pontjo runs the family businesses; PT Indobuilco runs the Sultan Hotel and apartments, the Jakarta Convention Center and related properties. He has media interests at the MRA Group, which is active in radio and magazine publishing. Agribusiness is handled by PT Adiguna Mesin Tani, while PT Adiguna Shipbuilding and Engineering works in steel fabricating and the oil and gas sector. A pharmacy unit is called PT Sunthi Sepuri. The family enterprise also includes the Harley Davidson and Ferrari licenses, with Haagen-Dazs ice cream to sweeten the blend. As a son of a former serviceman, Pontjo is active as the chairman of the Communication Forum of the Children of Indonesian Veterans.

110. Jusuf Kalla, 70
Hadji Kalla Group
Trading, heavy industry, shipping
$182 million

The former vice president took over the PT Hadji Kalla business founded by his father in 1952 in hometown Makassar, South Sulawesi, operating in trading and automotive distribution. Jusuf, or JK as he’s widely known to the public, now runs the Indonesian Red Cross (PMI) and is hoping for a political party to back him in the 2014 presidential elections. While he failed in a bid for the presidency in 2009, his campaign slogan “faster is better” has caught on with many Indonesians who believe the current administration has been far too cautious about pushing change. The third generation is now in charge at the Hadji Kalla Group, which has diversified into manufacturing, energy, agribusiness, property and shipping. The group’s latest push is in infrastructure. Having already secured a Rp1.3 trillion project to construct a monorail system in Makassar, the group is now eyeing a similar project in the East Java capital of Surabaya.

111. Tan Tjai Kie, 58
Gunung Steel Group
Manufacturing, mining
$170 million

Tan was the first to demonstrate that there was money to be made in steel in a market long dominated by state-owned behemoth PT Krakatau Steel. His Gunung Steel Group is a one-stop shop for all steel products and related services. The group comprises PT Gunung Garuda, the first company in Southeast Asia to manufacture structural steel products and hot rolled steel sections, PT Gunung Raja Paksi, which produces hot rolled steel plate, PT Bukit Terang Paksi Galvanizing, which provides galvanizing services, and PT Gunung Raja Paksi, which operates an ironworks in North Sumatra. Founded in 1986, the company produces 1.95 million metric tons of steel annually, of which 50% is exported to 41 countries. The company has secured a deal to supply materials for the Krakatau-Posco integrated steel mill project in Cilegon, Banten.

112. Ilham Habibie, 49 and Thariq Habibie, 47
Ilthabi Rekatama
Plantation, mining
$168 million

The brothers have revitalized PT Ilthabi Rekatama, an investment holding company established by their father, former President BJ Habibie. The company has interests in a variety of sectors including energy, mining, manufacturing, transportation, aviation services and more. The company’s centerpiece is its shareholding in London-listed Sound Oil, which controls an offshore concession in Central Kalimantan and where Ilham sits as non-executive director. The brothers recently sold PT Ilthabi Bara Utama, which controls a major coal concession area in East Kalimantan, to coal major Bayan Resources. Their latest push is in coal-bed methane, with three concessions already on hand and more to come. Ilham Habibie actively supports the government’s move to empower Indonesians through the development of a national broadband service.

113. Bambang Trihatmodjo, 59
Asriland
Property
$165 million

The past few years have been stressful for the second son of former President Suharto as he struggled to divorce his angry wife, Halimah or ‘Baby,’ in order to marry showbiz vamp Mayang Sari. Bambang founded PT Bimantara Citra in 1981 with a group of friends who once played in a band, starting out Ilham Habibie in the energy business and then diversifying into a range of other ventures. Most of the Bimantara interests survived the 1998 economic crisis but in the wake of the crisis and his father’s fall from power, low-profile Bambang went even further underground. Management of Bimantara was taken over by Hary Tanoesodibjo, who transformed it into what is now media company PT Global Mediacom Tbk. Bambang is said to have sold his remaining reported 11% shares in the company recently, resulting in the replacement of his representative on the board of commissioners, Laksono Sugianto, by former National Police chief Sutanto. No details were reported about the transaction, but the company has Rp13.1 trillion worth of assets. In property, he controls a number of developments, mostly registered under the name of his PT Asriland.

114. Boyke Gozali, 62
Mitra Adi Perkasa
Property, hotels, trading
$161 million

Mitra Adi Perkasa (MAP) sprang to life as a side business for Boyke Gozali, the nephew of tycoon Sjamsul Nursalim, some 22 years ago. Now the company operates 1,065 stores selling more than 100 top-name brands across the country. With a rising middle class and strong consumer growth, MAP’s Rp360 billion in net income last year pointed to even more impressive gains in years to come. In property, Boyke is teamed up with Franky Widjaja and Rosano Barrack in PT Plaza Indonesia Realty Tbk., a company that controls Jakarta lifestyle malls EX and FX, the Grand Hyatt Jakarta and Plaza Indonesia shopping mall. Boyke serves as commissioner at MAP and vice-president director at PT Plaza Indonesia. As of April, shares of MAP were trading 140% higher than their price a year earlier. The holding company of MAP, PT Satya Mulia Gema Gemilang, also owns a 26% stake in chemical producer PT Polychem Indonesia.

115. Mardjoeki
Atmadiredja, 64
Surya Toto Indonesia
Sanitary ware
$155 million

Mardjoeki Atmadiredja is the president director of PT Surya Toto Indonesia Tbk., the distributor of Toto brand sanitary and plumbing products and bathroom accessories. He has proved to be a solid long-term partner for Japanese principal Toto Ltd., which has 39.48% of the Indonesian operation. Other shareholders in the company, founded in 1977, are PT Suryaparamitra Abadi with 25.34%, PT Multfortuna Asindo with 25.1% and the remainder’s held by the public. Through his investment vehicles, Mardjoeki is believed to own a substantial share in the company, which posted a net income of Rp218 billion in 2011. With Rp1.3 trillion worth of assets, it opened its seventh $17-million factory in Banten last year. The company recently established a subsidiary, PT Surya Graha Pertiwi, to handle the management and expansion of the company’s showroom facilities.

116. Stanley S Atmadja, 56
Asco Automotive
Autofinance, mining, agriculture support, property
$152 million

After years of working with PT Adira Dinamika Multifinance, a company which he founded and led to its current status as one of the leading automotive financing companies in the country, Stanley officially resigned as its president director in May. Stanley founded Adira in 1990 together with the late Adi Rachmat, father of Teddy Rachmat of the Triputra Group. In 2004 Bank Danamon paid Rp832 billion for 75% of shares in Adira, with Stanley staying at the helm of the company until May. Adira reported net profit of Rp1.5 trillion in 2011, up from Rp1.4 trillion a year earlier. Stanley also teamed up with Teddy to form Asco Automotive, a car dealership for Isuzu, Nissan and Daihatsu vehicles, and PT Green Planet, which produces organic fertilizer. Old cars are Stanley’s great love and he spends much of his spare time at a private museum for his 100-car collection at Sentul south of Jakarta. He also takes an active role in supervising Asco Media Utama, an automotive-focused media company with several publications and TV shows.

117. Sendi Bingei, 83
Sumatra Tobacco Trading
Tobacco, food
$150 million

Sendi Bingei early on saw commercial advantage in the fine tobacco grown in many areas of North Sumatra. He shares ownership of PT Sumatra Tobacco Trading Company with family members Edwin and Timin Bingei. The company, based in Medan, North Sumatra, produces white cigarettes for export markets, while its sister company manufactures and sells some of the lesser-known cigarette brands popular with cigarette fanciers in Sumatra. Meanwhile PT Sari Incofood Corporation is engaged in tea and coffee processing and packaging.

118. Budi P Hadisurjo, 75
Optik Melawai
Optical stores, restaurants
$148 million

Budi demonstrated early flair in the marketing of optical services, including high-price frames, to the Indonesian middle class, establishing his Optik Melawai outlets as a leader in the sector. The company is named after the South Jakarta street where it still retains a branch. What has now become the Melawai Group represents a holding company active in optical, pharmaceutical, hearing aids and restaurants. Optik Melawai continues to lead group performance, representing Indonesia’s largest eye-wear retailer with more than 150 outlets including several spin-off stores selling specialty items. In the restaurant sector, Sari Rasa Group owns Tham Nak Thai, Sate Khas Senayan, Tamani Kafe and TeSate chains. The Sari Rasa Group, which is managed by son Benny, is the distributor of Epic Comics.

119. Anna B Mathovani, 58
Kirana Tanker
Shipping
$145 million

Anna Bambang Surjo Sunindar was thrust into taking over the controls of the shipping and
coal mining interests of her late husband, Prince Bambang Suryo Sunindar of the Surakarta royal family. While the companies are now run by professionals, she has added a feminine touch to her group’s operations. Under PT Annapola, she owns and manages four colonial-theme restaurant and function houses: Rumah Kartanegara, Rumah Daksa, Rumah Imam Bonjol in Jakarta and Rumah Sleman in Yogyakarata. She is also president director of PT Penny Roos, a company which controls Capocaccia Sandwich Bar and Bistro Baron French Fine Dining Restaurant.

120. Sri Sultan
Hamengkubuwono X, 66
Sultan of Yogyakarta
Property
$142 million

As the monarch of Yogyakarta, a highly symbolic and highly influential position, the wealth of Sri Sultan Hamengkubowono X is constituted by the estates and assets controlled by his family. Land rent is the main source of the patriarch’s income, while his relatives control several companies in Yogyakarta. An influential figure in the movement to force Suharto to resign in 1998, the Sultan continues to play a role on the national political stage. However he can still see no end in sight to the saga over whether he should be the province’s governor for life. A new draft law on the issue remains under discussion at the House of Representatives. Many argue that there is no reason why people in Yogyakarta should not have the same right as other Indonesians to choose their regional leaders, but the people of Yogyakarta themselves still appear to believe in his feudal right to rule.

121. Widarto, 67
Sungai Budi Group
Agribusiness
$140 million

The Sungai Budi Group is one of Indonesia’s largest upstream food producers with a sound record for innovation, although the company’s reputation has been recently soiled by conflict over land. Established by Widarto in Lampung in 1947, the company has production facilities in West Java, Lampung, Jambi and East Java and produces potatoes, tapioca and chemical products such as sulfuric acid, citric acid and monosodium glutamate. Subsidiary PT Tunas Baru Lampung, which produces Rose Brand vegetable cooking oil and rice flour, posted a net income of Rp421 billion last year. The company was a pioneer in the use of industrial waste to produce power but suffered a blow when one of its affiliated companies, Silva Inhutani, was implicated in the death of nine people near its operations in Lampung. The government’s fact-finding team suggests that the situation may get worse. Silva Inhutani is said to be a joint venture between state-owned Inhutani and Sungai Budi’s subsidiary PT Silva Lampung Abadi.

122. Honggo Wendratno, 64
Asrari Pratama
Energy, Petrochemicals
$135 million

Honggo Wendratno has extensive experience in the petrochemical industry. His PT Tuban Petrochemical Industries owns a 30% stake in PT Tuban Petrochemical Industries (TPI), which in turn owns a 59.5% stake in debt-ridden PT Tuban Petrochemical Indotama (TTPI). TPPI owes $300 million to Pertamina and another $180 million to oil and gas regulator BP Migas. TPPI used some of Honggo’s shares in TPI to raise a $500 million loan from Deutsche Bank. Honggo is a long-term partner of Hashim Djojohadikusumo and a stakeholder in Hashim’s business group.

123. A Tong, 66
Roda Vivatex
Textiles
$130 million

A. Tong is a low-profile businessman whose PT Rodatex Tbk. produces polyester filament woven fabrics for domestic use as well as the European, US, Asia and Middle East markets. The company last year posted a net income of Rp113 billion and controlled Rp1.08 trillion worth of assets. Its most recent addition is PT Chitatex Peni, a subsidiary engaging in construction, which plans to invest Rp155 billion for a project in South Jakarta.

124. Rachmat Gobel, 50
Gobel International
Electronics
$128 million

Rachmat, heir to a long-standing business arrangement with Japanese major Matsushita,
is also a tireless fighter for better conditions for the electronics industry. He has also developed a reputation as an avid environmental campaigner, and now heads the Indonesian Society of Renewable Economy. The family’s PT Gobel International has partnered with Matsushita since 1970, creating PT Panasonic Gobel International where Rachmat now sits as president commissioner. Last year, he spent most of his energy chairing the Southeast Asia Games organizing committee and won credit for the success of the event. Rachmat has become involved in the Churchill Mining saga, spending $12.8 million for a 16.5% stake in the company, whose valuable coal concession has been grabbed by other parties. His PT Gobel International also plans to develop a tourism resort and a water treatment plant in West Nusa Tenggara. In electronics, Panasonic Global Indonesia continues to perform well in the highly competitive electronics market. With the acquisition of Sanyo by Panasonic Japan, it intends to enter the medical devices market in Indonesia this year. Although no financial data has been released, the company predicts sales would be up by around 30% in 2011 from 2010’s figure of Rp3.8 trillion.

125. Siti H Rukmana, 63
Citra Lamtoro Gung Persada
Toll roads, entertainment
$127 million

Tutut, the late President Suharto’s oldest daughter is known, has spent much of her energy in recent years concentrating on her legal battle with Hary Tanoesoedibjo over ownership of 75% of the former TPI television station. While Tutut won the first round, Hary’s appeals have dragged out a conclusion to the case, which puts the future of his MNC TV on the line. Tutut was a long-serving president director of Citra Marga Nusaphala Persada, a toll-road operator, where her daughter Danty Indriastuty Purnamasari now sits as independent commissioner. Citra and San Miguel Corp. of the Philippines established a joint venture recently to acquire indirect equity interest in the South Luzon Tollway Corporation (SLTC) and Manila Toll Expressway Systems Inc. Both companies are also negotiating over the possibility of partnership in the construction of a toll road connecting several coal mines in South Sumatra.