150 RICHEST INDONESIANS (126 - 150 )

By Globe Asia  Jun 01, 2013


richest indonesians

Tandean Rustandi


126. $205 million
Widarto (68)
Sungai Budi Group

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. Sungai Budi has a 28.63% interest in PT Tunas Baru Lampung, which produces Rose Brand vegetable cooking oil and rice flour and posted a net income of Rp241 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. Silva Inhutani is said to be a joint venture between state-owned Inhutani and Sungai Budi’s subsidiary PT Silva Lampung Abadi.

127. $205 million
GS Margono (73)
Gapura Prima

Gunarso Susanto Margono has been at the helm of successful property firm PT Perdana Gapuraprima Tbk. since 1987. The company, listed on the IDX in 2007, has significant holdings in Jakarta and further afield. Commercial and residential developments in Jakarta and surrounds include The Bellagio and Bellagio Mansion in Kuningan, CBD Serpong, The Belmont Residence, de Eastern, GP Plaza and the Marcopolo Water Adventure Park in Serpong. Gunarso’s son Rudy became president director of the group in 2007, while his granddaughter Jessica is the director of subsidiary PT Sunindo Gapura Prima, which developed the Solo Paragon superblock in Central Java. When he’s not at the drawing board, Gunarso and his wife Oey Widyawati are fond of dancing the cha cha.

128. $202 million
Tandean Rustandy (55)
Arwana Citramulia

The self-made businessman started his ceramics business in 1993, after an initial start in trading three years earlier. Kalimantan-born Tandean has proved himself a force in the industry for the past 20 years, now controlling about 20% of the national ceramic market. Despite being a relative newcomer he has outpaced the industry growth rate over the past five years. He has benefited not only from the booming house market, but also from his success in increasing his market share. He started life in Pontianak, but after elementary school in his hometown his education shifted to Singapore and Toronto before he completed his studies with a business degree from Colorado University in 1987. His PT Arwana Citramulia represents a new direction for his business, already carving itself out a position as leader in construction materials.

129. $200 million
Lukman Pudjiadi (56)
Jayakarta Group

Two listed companies are controlled by Lukman and his family: Pudjiadi Prestige Tbk. and PT Pudjiadi and Sons Tbk., which controls the Jayakarta hotel chain. The group operates 13 hotels and resorts in Indonesia and has built a number of medium-scale apartment blocks in Jakarta and Bandung. The company’s subsidiaries include PT Bali Realtindo Benoa, PT Jayakarta Realti Investindo and PT Hotel Juwara Warga. Lukman oversees Jayakarta Group but day-to-day operations are handled by his son Loki Pudjiadi.

130. $185 million
Budi Purnomo Hadisurjo (76)
Optik Melawai

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 the Tham Nak Thai, Sate Khas Senayan, Tamani Kafe and TeSate chains. The Sari Rasa Group, which is managed by Budi’s son Benny, is the distributor of Epic Comics.

131. $185 million
Iskandar Widyadi (76)
Bank Jasa Jakarta

Iskandar is the principal owner of Bank Jasa Jakarta, one of the best- performing non-foreign exchange lenders in the country. Before taking control of the bank, formerly known as Bank Pasar Jasa Jakarta, Iskandar had made his way to the top of the Indonesian banking profession, in 1982 serving as vice president director of Bank International Indonesia, then controlled by Sinar Mas. His takeover of Bank Jasa Jakarta proved his sound business instincts, with the bank sailing through the 1998 financial crisis. In 2012 the lender disbursed Rp3.9 trillion in credits and posted Rp110 billion in pre-tax income.

132. $170 million
Anna B Manthovani (59)
Kirana Tanker

Anna Bambang Surjo Sunindar was thrust into taking over the control 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.

133. $155 million
Honggo Wendratno (65)
Arsari Pratama

Honggo Wendratno is a long-term partner of Hashim Djojohadikusumo and a stakeholder in Hashim’s business group. His extensive experience in the petrochemical industry appeared to be insufficient to stop the government seizing Tuban Petrochemical Indotama, which is 59.5% owned by Tuban Petrochemical Industries, where Honggo has a 30% interest. In total TPPI owes Rp17.8 trillion, including Rp2.8 trillion due last year, to several parties such as Pertamina and oil and gas regulator SKK Migas. The company’s assets are worth more than the company owes, but the ongoing debt restructuring means that it has little room to grow for the next couple of years.

134. $150 million
A Tong (67)
Roda vivatex

A Tong is a low-profile businessman whose PT Rodatex Tbk. produces polyester filament woven fabrics for domestic as well as European, US, Asian and Middle East markets. The company last year posted net income of Rp124 billion and controlled Rp1.2 trillion worth of assets. Its most recent addition is PT Chitatex Peni, a subsidiary engaged in construction and building management, which plans to invest Rp155 billion in a project in South Jakarta.

135. $150 million
Siti Hardijanti Rukmana (64)
Citra Lamtoro Gung Persada

Tutut, as 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 a partnership in the construction of a toll road connecting several coal mines in South Sumatra.

136. $145 million
Sugianto, 67
Metro Garmin Group

Sugianto’s position has been threatened by legal action by his sister-in-law in an ugly sequence of events. In 2005 he claimed to have purchased 50% of shares in Metro Garmin from his brother, Eka Gunawan. Eka denied that any such transaction had occurred. The case dragged on until 2009 when a court ruled that the transaction did occur. Eka and his wife in 2008 had filed a report alleging embezzlement by Sugianto. This case was never resolved as Eka was found dead, apparently murdered, in 2010. The bitter family quarrel aside, the company has a solid position in the high-end market for shirts, producing for fashion lines like Tommy Hilfiger and Calvin Klein. It has six plants than can produce over 100,000 shirts per month.

137. $130 million
Rudy Unjoto (64)
Daliatex Kusuma

Rudy, the president director of PT Daliatex Kusuma, knows what it takes to survive in the textile business. He has been forced to steer the company through tough times, but is now able to state that his business has proved more resilient than many people claimed it to be. Rumors continue however that the business is in decline, countered by Rudy with a complaint that human resources are hard to find. The company produces 40 million meters of woven fabrics and other related products annually, with 90% going to export markets.

138. $125 million
Batihalim Stefanus (48)
Nojorono Tobacco

Although many Indonesian companies are family-owned, having five families controlling one company, like Nojorono Tobacco, is rare. Founded in 1932 by brothers Tjoa Kang Hay, Tan Tjiep Siang and Tan Kong Ping at a village in Pati, Central Java, they expanded to Kudus by taking on new partners Ko Djie Sion and Tan Dhing Dhay. Although the company’s products are rarely visible in big cities, with the exception of biggest seller ClassMild, launched in 2003, they have a strong hold in small cities and villages across Java. One specialty, waterproof cigarettes, is naturally popular among fishermen. In its attempts to break into the major market, the ClassMild brand is being pushed through event sponsorships and tagline advertising.

139. $120 million
Mintarjo Halim (58)

With over three decades of business experience, Mintardjo is good at spotting trends. After an engineering degree in Germany, he formed PT Sandratex in 1978 in a joint venture with Hong Kong interests. To take advantage of lower labor costs, he entered a joint venture in Cambodia to produce woven shirts and blouses. Some analysts now believe that Sandratex might have fallen on tough times, with its last big deal back in 2000 with the US ‘Macy’s’ department store. He currently serves as the head of the Africa committee of the Indonesian Chamber of Commerce and Industry, a position that has put him close to some of the world’s leading cotton- producing countries like Mozambique.

140. $117 million
Soedjono (64)
Wira Sakti Adimulya

Soedjono has one major project to his name as he pushes to command a position in the upper end of the property market. His company took charge of building Metro Marina, a luxurious townhouse project at Ancol in North Jakarta in a joint venture with the local government’s PT Pembangunan Jaya Ancol and real estate management and development company PT Paramitha Mitra Sejati. He is known to control large land banks in Kapuk, West Jakarta and Kelapa Gading in North Jakarta.

141. $117 million 
Setiawan Djody (64)
Setdco Group

Djody’s health slows him down a lot. He was diagnosed with liver disease in 2008 and received a transplant in 2009, forcing him to cut back most of his activities. He has largely put business aside and concentrates on his role as “Renaissance man,” attending art exhibitions in Jakarta and Bali. A good lead guitarist, he staged the Kantata Takwa concerts in the mid-1990s with rocker friend Iwan Fals and the late WS Rendra, then Indonesia’s greatest poet, with a political message that galvanized the country’s youth. Djody enjoyed a degree of license as a relative of the Suharto family and also benefited from business deals with government agencies. Shipping of energy projects has been a long- term money maker starting from 1975, and his Setdco Group has expanded into property, energy, agribusiness and telecommunication. The company operates several oil fields overseas and has a plan to build a refinery and petrochemical complex in Batam.

142. $115 million
Fajar Suhendra (61)
Sumatra Growth Group

Sumatra Growth Group is a collective of investors that mainly focuses on foundry and steel manufacturing. Founded in 1970, the company has won three Primaniyarta Awards as the country’s best exporter, a testament to the company’s strong position in the industry. Fajar has partnered Singapore’s Lee Metal to establish PT Indoferro to produce 250,000 tons of nickel pig iron with the completion of its facility in Banten due this year, while a second plant will be completed in 2014 to double production capacity. The company also deals in power, with three biomass power plants already in operation and plans to develop a total of 20 plants through to next year.

143. $110 million
Bambang Setijo (71)
Pan Brothers

Bambang’s PT Pan Brothers Tbk. was one of Indonesia’s best-performing textile firms last year. In 2012, sales were up 19.5% to Rp2.6 trillion, while net income hit Rp73 billion. After issuing 72% of its shares for Rp1,350 apiece in a rights offer, the company has plenty of funds for expansion. Its first move has been to acquire a 51% stake in garment buyer PT Hol-lit for around Rp43 billion, cutting its distribution chain. Pan Brothers aims to boost production by constructing two new factories and doubling the number of its machines by 2015. That leaves another Rp65 billion from the rights issues to create a new retail division, completing the full integration of the company. Bambang is understood to maintain his interest in the company through his investment vehicle PT Trisetijo and PT Sarana Integritas. The same companies have holdings in PT Indo Acidatama Tbk., a chemical manufacturer where Bambang is president commissioner. He also has 5% of shares in Hana Bank.

144. $105 million
Jacobus Busono (73)
Pura Group

Jacobus, commonly known as Pak Bus, dominates the printing and packaging industry. Started by his grandfather as a small printing company in 1908, Jacobus has taken the enterprise to a far higher level by investing heavily in sophisticated technology. Now the company generates most of its revenues from printing smart cards, phone vouchers, bank notes, holographic devices and other high-priced items. Four subsidiaries have contracts to print currency from Brunei Darussalam, Vietnam, India and a number of African countries. Pak Bus, who is fluent in German, English, French and Dutch, was the sole Indonesian member of former French President Nicolas Sarkozy’s World Entrepreneurship group. He has also steered his company into renewables with an environmental-friendly stove and a plan to grow jarak, a source of bio-fuels, on land in Kudus, Central Java.

145. $101 million
Raam Punjabi (70)
Multivision Plus

Raam’s Multivision Plus continues to be a major force in the Indonesian television production house business. The chance that an Indonesian has never watched a Multivision show is small, with a consistent output of tear-jerkers. Like many ethnic Indians in Indonesia, he started out in textiles before grabbing the opportunity to import and distribute Bollywood movies. From there, he entered the movie-making business, scoring big bucks from several blockbuster movies. With the advent of television Raam turned his attention to the small screen. He and two partners established a new company hoping to break the Studio 21 cinema chain’s virtual monopoly of the imported film business, but it has made only limited inroads into the market.

146. $99 million
A Siang Rusli Ali (51)
Kurnia Tetap Mulia

A Siang has long been mentioned in connection with Medan’s criminal underworld and gambling industry and other questionable business operations, but such claims have never been verified. The speculation was linked to his close friendship with the late Bang Olo Panggabean, Medan’s own “godfather.” A Siang is a respected figure in Medan, where he is a shareholder in the JW Marriott hotel, which opened in 2009, and owns several other properties.

147. $98 million
Marimutu Maniwanen (58)
Busana Apparel Group

Maniwanen has succeeded in maintaining his reputation in business circles despite the spectacular crash of his relative, Marimutu Sinivasan, at the ill-fated former engineering and textile giant Texmaco. Maniwanen is chairman and CEO of one of Indonesia’s biggest textile manufacturers. His companies include PT Ungaran Sari Garment and PT Citra Abadi Sejati, with factories in Purwakarta and Lippo Cikarang in West Java. The group produces high quality men’s and women’s garments and has developed long-term relationships with a number of major international clients from North America and Europe, including brands such as Adidas, Ann Taylor, Calvin Klein, Chaps, Esprit, Jones, Liz Clairbone, Macy’s, Marks and Spencer, Nike, Polo Ralph Lauren, Tommy Hilfiger and others.

148. $97 million
Ishak Charlie (59)
Kurnia Tetap Mulia

Ishak is an owner of Medan’s JW Marriott Hotel and president director of PT Indoterminal Belawan Perkasa, which in the past was contracted to operate Medan’s Belawan port CPO terminal and pipeline network. In 2010, the Supreme Court ruled that Indoterminal had violated anti-trust laws by raising its tariffs without the consent of consumers. It ordered the company to pay Rp13 billion in settlements. A move into palm oil came under scrutiny too when environmental activists and residents accused Ishak’s companies of cutting down 30 hectares of mangrove forest, damaging the stability of the local ecosystem. For several years he has been in dispute over the status of land for a planned housing project, Citra Garden Padang Bulan.

149. $96 million
Boedi Mranata (61)
Adipura Mranata Jaya

As the first Indonesian to earn a PhD in marine biology, Boedi’s initial business interests followed his academic expertise. He began work as a director of four fisheries companies under the Fega Group, focusing on shrimps, but then decided his future was in the sky rather than the sea. He switched to the lucrative market of birds’ nests, which he exports to China to make birds’ nest soup. Closer trade ties with China continue to benefit Boedi’s business. He is also an ecotourism enthusiast and an avid collector of Chinese porcelain.

150. $93 million
Tjandra Mindarta Gozali (60)
Gozco Group

Originally a manufacturer of footwear in Surabaya, Tjandra turned to the palm plantation business a decade ago. He and his family control Gozco Plantation, a medium-sized plantation business with more than 35,000 hectares of land in production and a further land bank of about 110,000 hectares in Sumatra and Kalimantan. The family also runs small Bank Yudhabakti and has a number of property developments in their home town. Last year was not kind to the plantation firm as net income fell 41.9% to Rp97.03 billion.

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