Forbes Indonesia 2013 April (e-magazine full)

Full E-magazine Forbes English version (copyright)

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APRIL 2013

10 INSPIRING WOMEN FOR 2013

AMANCIO ORTEGA

$57 BILLION

THE RICHEST PEOPLE IN THE WORLD

• $5.4 TRILLION COMBINED WEALTH

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Mayapada Tower, Ground Floor – 3rd Floor Jend Sudirman Kav.28 Jakarta 12920 – IndonesiaPhone : +62 21 5212288, +62 21 5212300

Leading you to Indonesia

For over two decades, Bank Mayapada has proven to be a strong and reputable bank

in Indonesia We offer a wide range of financial services to meet our clients’ personalized

business needs supported by state of the art IT and knowledgeable staff With over than

170 branches in 19 provinces in Indonesia, Bank Mayapada will continue to serve the ever

growing economy in Asia.

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Mayapada Tower, Ground Floor – 3rd Floor Jend Sudirman Kav.28 Jakarta 12920 – IndonesiaPhone : +62 21 5212288, +62 21 5212300

Leading you to Indonesia

For over two decades, Bank Mayapada has proven to be a strong and reputable bank

in Indonesia We offer a wide range of financial services to meet our clients’ personalized

business needs supported by state of the art IT and knowledgeable staff With over than

170 branches in 19 provinces in Indonesia, Bank Mayapada will continue to serve the ever

growing economy in Asia.

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2 | FORBES INDONESIA ApRIl 2013

Indonesia

8 | FACT & COMMENT // Steve Forbes

They succeed by meeting your needs.

10 | ThOughT lEADERS // Paul Johnson

The war on drugs a defining moment.

11 | DElIVERINg INFRASTRuCTuRE // Raj Kannan

Taking the bull by the horns.

ISSuES & IDEAS

12 | SOCCER DIplOMACy

Australia’s Intrepid Mines is using soccer diplomacy and other tactics

to regain a stake in the Tujuh Bukit gold mine, worth billions

By Jeffrey Hutton

16 | VOx pOpulI ONlINE

PoliticaWave’s Sony Subrata and Yose Rizal have tapped social media

to make more accurate political predictions

By Sonya angraini

18 | FRESh ThOughT // Taufik Darusman

Hard truth.

19 | REAlITy ChECk // James Kallman

Paying for privacy.

20 | glOBAl VIEwpOINT // Jennie S Bev

2020 megatrends and Indonesia.

21 | guEST COluMN // Eric Lascelles

Looking for trouble in Indonesia.

INSpIRINg wOMEN

23 | 10 INSpIRINg wOMEN

These 10 women have succeeded in various endeavors, and represent a diversity

of backgrounds They show how women can and do have a major impact

in whatever is their chosen profession or passion.

40 | 10 hONOR ROll

For good measure, we have included another 10 on our honor roll

CoVer PHotograPH By

DuSko DeSPotoViC / Sygma / CorBiS

p Page 24

“When I started

the sIntesa group

In 1999, I told my

father that I Was

no longer hIs staff

but hIs partner.”

— shInta KamdanI,

ChIef exeCutIve sIntesa group

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ApRIl 2013 FORBES INDONESIA | 3

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BIllIONAIRES

48 | ThE TOp 20

This elite group is worth $714 billion, $80 billion more than last year

52 | INDONESIA’S RIChEST

With 25 billionaires, Indonesia now ranks ahead of Japan in billionaires.

54 | FROM OlIgARCh TO pRESIDENT?

Mikhail Prokhorov is a tycoon in Russia, Jay-Z’s partner in Brooklyn—and a strong candidate to eventually replace Vladimir Putin in the Kremlin, a prospect the

billionaire is turning into his full-time job.

By katya SoLDak

60 | DOgS BARk, BuT ThE CARAVAN ROllS

Pham Nhat Vuong’s valuation defies a fiercely difficult property sector in Vietnam.

By Lan anH nguyen

ENTREpRENEuR

64 | FlORAl BEAuTy

Harijanto Setiawan has successfully transformed flowers

into art with extraordinary value.

By yeSSar roSenDar

67 | CEO wISDOM // Andrew Tani

Dragon boat leader.

73 | lEgAl VIEw // Eddy Leks

Balancing franchise growth with aid to SMEs.

FORBES lIFE

74 | wARRIORS, hORSES & BlOOD

On Sumba, the ancient pasola battle still thrives to help secure a good harvest.

By muHammaD faDLi

78 | ThE EyE // Yessar Rosendar

Page 68 u

“my dream Is that In the

future, When people

talK about CeramIC

tIles, arWana Is the fIrst

name they thInK of.”

bag has a soul

and story behInd

It I belIeve that’s

Why people

appreCIate It.”

— nanCy goh,

founder bagterIa bag

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ApRIl 2013 FORBES INDONESIA | 5 CIMB NIAGA APRIL 2013 EDIT.pdf 1 3/22/13 6:54 PM

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FORBES INDONESIA

siDelines

One of the missions of Forbes Indonesia is to provide role models and,

by extension, inspiration, whether one is an aspiring entrepreneur or

an established billionaire This issue has not one but two sets of role models to provide inspiration The first is our cover subject of billionaires, the wealthiest role models on the planet They show what can be done—on a grand scale Their stories are varied—these men and women come from a wide variety

of backgrounds and experience, demonstrating that the path to great wealth is not a narrow one but one with many avenues of opportunity

For a near-perfect example, we have in this issue a profile of the first lionaire in Vietnam, Pham Nhat Vuong of the Vingroup Turning closer to home, what is happening here in Indonesia in the billionaire arena is also inspiring The country can now boast it has 25 billionaires In the Asia-Pacific region, this figure puts Indonesia as the home to the fifth-largest group of billionaires, ahead

bil-of much wealthier countries such as Australia, Japan and Singapore

The second group in this issue to bring inspiration is our inaugural set of

10 inspiring women, accompanied by an honor roll of another set of 10 women Unlike the billionaires list, these women are not all entrepreneurs Instead the idea was to present a cross section of disciplines, such as politicians, celebrities and athletes By doing this, it shows that inspiration for women can come in many areas of endeavor and that women are achieving success in a variety of fields Entrepreneur Shinta Dhanuwardoyo pioneered the Internet advertising agency Bubu, a sector that normally is dominated by men At one trade show

in the early days of her company, a potential customer kept asking to speak to her boss, refusing to believe that a women could hold that position Our private equity investor Veronica Lukito of Ancora notes that companies that include a mix of men and women perform better than those without women Veronica too has succeeded in another male-dominated industry

One of the points of presenting this group of 20 women is not to do a long list—it is meant to be more of a sample showing the diversity of accomplish-ment One area of disappointment is that unfortunately these two lists don’t have any area of overlap The 25 Indonesian billionaires don’t include a single woman Indonesia has come a long way, and women are rising in the ranks of accomplished businesspeople, both in stature and net worth Under “lifetime achievement” we include Martha Tilaar, as she is truly a pioneer of women en-trepreneurs for the country, starting with one small beauty salon in 1970 Yet this lack on the billionaires list could also be a source of inspiration, for perhaps there is a woman out there who will strive to claim the title to be the first to enter the billionaires club Having a woman billionaire would no doubt inspire others to follow in her footsteps f

InSPIRIng

RoLE MoDELS

Indonesia

Justin Doebele Chief Editorial Advisor editor@forbesindonesia.com

eDitoriaL DePartment

Chief editorial advisor Justin Doebele

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Fact & comment — steve ForBes

FORBES INDONESIA

“With all thy getting, get understanding”

The impressive increase in the

net worth of the world’s billionaires

and the fact that there are 200 more of

these folks than there were a year ago

will have leftists everywhere decrying

the growing gap between the haves and

the have-nots After all, they’ll howl,

why should the ranks and wealth of the

wealthy grow while most of the world’s

economies are struggling? But don’t

blame these rich for the governments’

poor economic policies More to the

point, the overwhelming majority of

these people have moved ahead through meeting

the needs and wants of other people, not through

inheritances or crony capitalism Their successes

didn’t come at the expense of everyone else

Free-market capitalism is not a zero-sum system

In fact, we should take heart from this list It

demonstrates that, despite pervasive antigrowth

policies almost everywhere, the entrepreneurial

spirit is showing surprising resiliency worldwide

Amancio Ortega from Spain has displaced

Warren Buffett in the No 3 spot by providing

low-priced fashions GoPro’s Nicholas Woodman

demonstrates that you can take your passion and

become rich pursuing it: Who’d have thought that

a guy interested in dangerous, high-skill sporting

activities would come to be worth $1 billion

and not just another bum? Tory Burch was an

unknown just a few years ago As was Diesel jeans

mogul Renzo Rosso

We’ve already seen astonishing rises in the

glob-al standard of living since the fglob-all of the Berlin Wglob-all

and the abandonment of communism in China

Someday the current bout of government economic

malpractice will pass, and it will be the

conven-tional wisdom of governments to pursue low-tax

and sound-money policies The impressive upward

march of humanity will again resume vigorously

ThEy SuCCEED

By MEETINg yOuR NEEDS

The Daily Show’s Jon Stewart should be awarded a Nobel Prize in economics The Nobel committee wouldn’t even have to issue a new one; it could just

revoke the one it awarded to New

York Times columnist Paul Krugman

in 2008 In January Stewart spoofed the idea of the trillion-dollar platinum coin, which had been floated as a way

of getting around the ceiling on the national debt The debt-ceiling crisis will reemerge soon, as will this silly proposal—the notion that the Treasury can mint such a coin and then turn

it in to the Federal Reserve for cash to keep the government going

Money out of thin air! Why wasn’t this thought of before? As Stewart asked, why not a

$20 trillion coin? You can watch his hilarious take

at january-10-2013/the-trillion-dollar-coin

http://www.thedailyshow.com/watch/thu-You’d think the coin nostrum was invented as

a joke by Saturday Night Live or The Daily Show,

but people like Krugman take it oh-so-seriously After all, as Krugman said, “Money is a social contrivance,” something to be played with for our own good by our betters in Washington Krugman

is so self-serious that he lashed out at Jon Stewart, calling him lazy and accusing him and his staff of a

“lack of professionalism.”

Stewart understood the issue all right: It is idiotic and destructive Stewart noted that “we need to take the U.S dollar seriously again.” Amen

to that!

Perhaps we should draft Jon Stewart to replace Federal Reserve Chairman Ben Bernanke, whose monetary policies are doing immense harm to the U.S and global economies f

A nobel Man

By SteVe forBeS, eDitor-in-CHief

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thought leaDers

paul Johnson — current events

The BriTish government’s bill to

make gay marriage legal has already

had serious consequences It has split

the Conservative Party wide open

and threatens to make its defeat in

the next election, already quite likely,

absolutely certain It may also have

di-sastrous effects on the churches

An-glicans, belonging to a church that is

established by law as a national body,

are afraid that if the bill becomes law

any of their clergy who refuse to

per-form a same-sex marriage ceremony

will face criminal prosecution

Law-yers foresee years of intense

argu-ment, appeals and counter- appeals,

accompanied by fat fees, stretching

into the indefinable future

Once something is legal there’s

nothing to prevent a lobby being

formed by those who participate

in that activity, especially if there’s

money to be made An important

example of this is the movement to

legalize recreational drugs

The war on drugs is difficult and

expensive, and there are signs that

it is faltering, with battle lines being

drawn Many people, particularly in

the entertainment industry, are

al-ready campaigning to legalize a

vari-ety of so-called soft (or recreational)

drugs, such as marijuana Indeed,

pro-drug lobbies already exist here in

the U.K and in the U.S

If society gives way on this, the

consequences will be momentous,

precisely because the profits to be

made from the marketing and selling

of soft drugs will be enormous There

will be nothing to prevent a

large-scale international corporation being

formed solely to manufacture and

circulate such drugs Equally, ing pharmaceutical companies will be able to enter the trade The competi-tion will be fierce, which alone will drive down prices The products will

exist-be “improved” and exist-become more luring In no time supermarkets and corner shops will be selling marijua-

al-na, and the term “drugstore” will quire a new and deadlier meaning

ac-Vast sums will be spent on motion, especially among the young

pro-Equally large amounts of money will become available to expand the scope

of decriminalization, redefining the border between soft and hard drugs to eventually include heroin

And what of the violent criminal elements already involved in the drug trade—the Taliban, which sells and ships the fruit of the poppy out

of Afghanistan, and the cartels in South and Central America that run drugs into Mexico and the U.S.? The violence surrounding the drug trade will only escalate

Another possibility to consider is that a rogue state, such as North Korea, will enter the burgeoning drug market

North Korea’s evil regime survives by

performing tasks no other government

is able or willing to contemplate For instance, it has supplied nuclear tech-nology to other rogue states in contra-vention of all international law Both Syria and Iran have paid North Korea

in gold for its aid in their nuclear forts There is no way to stop these transactions as long as China refuses to take punitive steps against its former military and ideological ally

ef-TIPPIng THE BALAncE

Recreational drugs are comparatively easy for a ruthless and determined government to grow and/or manufacture Supplying these drugs

to Americans is precisely the kind

of prospect that would appeal to the North Korean leadership They’ve always claimed that capitalist democracies are essentially corrupt and decadent This would enable them to “prove” it, especially if the release of vast quantities of cheap soft drugs into Western cities were followed by an increase in the supply and use of hard drugs, as many experts believe would be inevitable.China, which has a drug problem

of its own, might be prepared to act against North Korea in this context But it would extract a high price from the West, which might result in the balance of power in the Pacific tilting

in China’s favor

I’ve been discussing possibilities But in the world of highly dangerous drugs, it’s safer to treat possible outcomes as probabilities If we allow this drug use to become legal, we’ll be embarking on a voyage into horror with our eyes open f

THE wAR on DRugS

A DEFInIng MoMEnT

PauL JoHnSon, EMINENT BRITISh hISTORIAN AND AuThOR; DaViD maLPaSS, glOBAl ECONOMIST, pRESIDENT OF ENCIMA glOBAl llC; amity SHLaeS, DIRECTOR, ThE 4% gROwTh pROJECT, gEORgE w BuSh INSTITuTE; AND Lee kuan yeW, FORMER pRIME MINISTER OF SINg ApORE, ROTATE IN wRITINg ThIS COluMN TO SEE pAST CuRRENT EVENTS COluMNS, VISIT OuR wEBSITE AT WWW.forBeS.Com/CurrenteVentS.

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In Indonesia’s realm of

in-frastructure, the role of the

Ministry of Finance (MoF) in

infrastructure delivery has

re-mained somewhat ad hoc For

years, the market has been hoping for

a more direct involvement from MoF

in infrastructure delivery, in

particu-lar to increase the level of certainty of

the government’s contractual

obliga-tions under a concession agreement

To its credit, the MoF in recent

years had taken some concrete steps to

improve the certainty of investment in

infrastructure projects by creating

in-stitutions and products that included

the establishment of Indonesia

Infra-structure Guarantee Fund (IIGF), an

agency to guarantee the government’s

contractual obligations under a

con-cession agreement for public private

partnership (PPPs) projects and the

launch of viability gap funding (VGF)

to improve projects’ bankability

While IIGF is doing a great job

in its role as the extended arm of the

MoF, the implementation of VGF has

somewhat floundered since most

proj-ects seeking VGF have been poorly

prepared and lacked a risk framework

acceptable to the MoF For these

rea-sons, the MoF is finally taking the

pro-verbial bull by the horns and decided

to establish a public private

partner-ship unit directly under its wings

This new institutional framework

enables the MoF to assess and vet the

government’s fiscal support much

earlier in the project cycle, via its Risk

Management Unit (RMU) This step

negates the possibility of government

agencies going through the tender

pro-cess that effectively wastes the private

sector’s time—now projects that would never qualify for government fiscal support will not reach tender stage

Part of this new infrastructure livery paradigm is also the increased recognition that the government must pay for strategic infrastructure proj-

de-ects that are not yet fully financially viable In my previous column, I al-luded to a newly proposed procure-ment concept called a Performance Based Annuity Scheme (PBAS) that could likely become a de facto pro-curement method for government funding of infrastructure I am happy

to say PBAS is getting a good hearing

PBAS, in simple terms, is a PPP scheme where a government con-tracting agency (GCA), say a toll road regulator, seeks proposals from a

private consortium to design, build, finance and operate a toll road that is not financially viable but is needed for its economic importance However,

to avoid the past problem of the ernment receiving substandard proj-ects, a PBAS concession agreement will stipulate that no payments will be made until and unless the private sec-tor delivers the project as agreed.Once achieved, the GCA will make annuity payments for the agreed pe-riod, say 10 years During the conces-sion period the project consortium will also be paid separate fees for op-erations and maintenance of the toll road, also subject to performance No doubt, a PBAS scheme is a contingent liability on the government, which is why its usage must be controlled with the right risk level—something that should involve institutions such as the RMU and IIGF From the private sector, the key success factor for schemes like PBAS is their ability to convince investors that they can complete their projects Ac-cordingly, the completion guar-antees from the consortium’s contractors become important and the banks may require the contractors to joint venture with more capable part-ners PBAS may also spur the introduc-tion of new financing schemes such as project bonds tied to annuity payments

gov-In summary, the establishment of the new PPP unit directly under the MoF and government schemes like PBAS are positive news for fixing the infrastructure gap I am hopeful that the new Minister of Finance will continue to spearhead these reforms f

the mof Is fInally taKIng the proverbIal bull by the horns and deCIded

to establIsh a publIC prIvate partnershIp unIt dIreCtly under Its WIngs

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FORBES INDONESIA

ISSUES & IDEAS INTREPID mINES

The Tujuh BukiT gold deposit has

reserves possibly around two million

ounces—worth at least $3 billion, along

with significant deposits of silver (80

million ounces) and copper (7 million

ounces) Ownership of that gold mine,

which could become one of the largest

in Indonesia, is at the center of a

strug-gle between two powerful and wealthy

tycoons The tug-o-war has attracted

lawsuits, investigations, political

ma-neuvering and plenty of controversy

On one side is the Australia-based and

listed Intrepid Mines and the other

is its former joint venture partner PT

Indo Multi Niaga (IMN)

Into the fray last September

stepped Clayton “Tony” Wenas, 49, as

Intrepid’s executive general manager

for Indonesia Intrepid chose Tony,

in part, because of his local

knowl-edge and government contacts

We-nas is currently vice chairman of the

Indonesian Mining Association and a

former executive vice president and

general counsel of PT Freeport “We

were looking for a prominent

resourc-es businresourc-ess leader who had strong

relationships with various levels of

government and communities,” says

Intrepid’s Chief Executive Brad

Gor-don in emailed comments “Tony is

right up there with the best.”

Among other tactics, Tony is taking

the battle to the soccer field This month

he hopes to kick off the company’s first

sponsored soccer event in

Banyuwa-ngi regency, the home of Tujuh Bukit

Intrepid will pay for a tournament, its

prizes and even the uniforms if needed

by any of the participating teams

It sounds like a small step, Wenas

admits But in Indonesia, where

rela-tionships count in business, gestures

like these can make a difference “In

Indonesia you have to show people

you care,” says Wenas Intrepid needs

to win a few hearts and minds It is

scrambling to raise its profile after

Australia’s Intrepid Mines is using soccer diplomacy and other tactics to regain a stake in the Tujuh Bukit gold mine, worth billions

By Jeffrey Hutton

Clayton “tony” Wenas

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“We want to operate the mine,”

says Wenas “We were cheated

We’re the good guys in this.”

claiming its joint venture partner IMN

secretly sold out its share to new

own-ers who, in July last year, with the help

of police, forced Intrepid off the

devel-opment in East Java

In return, last August Intrepid

enlisted the help of media mogul

and potential presidential candidate

Surya Paloh, allocating him 5% of the

company’s shares, which he can sell if

the company’s fortunes improve (he

reportedly also has an option to buy

another 10%) The company is

apply-ing for a local business license and

has asked Indonesian police to help it

regain access to some of its property,

from which it remains locked out

Aside from a loss of future

rev-enues, Intrepid also stands to lose

nearly A$106 million already spent

over five years through December

2012 developing Tujuh Bukit (also

known as the Seven Hills project) At

present, hopes of winning back Tujuh

Bukit may be fading as the impasse

drags on In December, Brad and his

chairman, Ian McMaster, said Intrepid

is pursuing IMN through the police,

accusing them of fraud and

embezzle-ment Intrepid said in a statement to

the Australian stock exchange that

husband and wife Maya Ambarsari

and Reza Nazaruddin transferred 80%

of their company IMN to a subsidiary

called Bumi Sukses Indo with links to

billionaire Edwin Soeryadjaya

The most recent disclosures show

Maya and Reza are no longer

share-holders of the company which holds

the license to mine Tujuh Bukit In

an interview with Australian media,

Edwin, while denying any interest in

IMN or Tujuh Bukit, reportedly offered

Intrepid a cut of the mine’s royalties

and what appeared to be a return of the

money spent developing the project

“We want to operate the mine,”

says Wenas “We were cheated

We’re the good guys in this.” IMN

didn’t respond to repeated requests

for interviews Wenas and Paloh are

trying to win friends where they can

Toward the end of last year Wenas and

Paloh paid a visit to Banyuwangi for

the opening festivities for the coastal

city’s three-day bicycle race and met with local leaders To commemorate Idul Adha, the Muslim day of sacrifice last October, when livestock are slaughtered to distribute meat to the poor, Wenas had Intrepid deliver six cows to surrounding villages

But Intrepid’s and Wenas’s ing and dealing may all be too little too late The company has lost 90% of its value since hitting a high in April

wheel-2011 around A$2 a share The current share price reflects little more than the A$108 million in cash the compa-

ny has on hand The company said in February its loss more than doubled to A$71.8 million during the 12 months ended December 31, 2012, compared with a year earlier

“Getting Paloh on board, this is stuff they should have down a long time ago,”

says Peter Gray, an analyst with cial firm Hartley’s in Perth “It’s been going on for so long, it’s hard to see how Intrepid walks away with an interest in the asset.” Cases like Intrepid’s add to Indonesia’s risk profile for international investors “Considerations of corporate governance will make Indonesia a hard sell,” says Bill Sullivan, a lawyer with law firm Christian Teo Purwono and partners in Jakarta

finan-Last year, Canada’s Fraser tute’s annual survey of mining com-panies found Indonesia regulatory environment had deteriorated for a fourth consecutive year, ranking ninth from the bottom as the riskiest place

Insti-to explore and mine resources, below countries such as Niger and Laos

Under its 2007 agreement with IMN, Intrepid paid to develop the mine while IMN managed public and government relations as well as secur-

ing necessary permits Once tional, Intrepid was supposed to reap 80% of the mine’s income But without much local presence, the company was vulnerable—it didn’t even have an of-fice here until after the July lockout

opera-“As a foreign investor, don’t give everything to the local partner The foreign investor needs to be involved

in meetings with government officials and media,” Wenas says “Otherwise they wonder ‘who are you?’ All we know is IMN.” By Intrepid’s account, IMN failed to secure a key permit that allowed foreign companies to operate domestic mining projects in 2009

Known as a PMA or Penanaman

Modal Asing, the permit would ognize foreign ownership of the joint venture project at Tujuh Bukit Secur-ing the PMA was a top priority for Brad who convened monthly meetings between the joint venture partners, according to sources But even as In-trepid was shelling out millions every month, IMN said local issues such as regional elections and the transition to

rec-a new rec-administrrec-ation rec-after mid-2010 slowed the approval process

One way out of the impasse is that Wenas hints that Intrepid may accept

a lower stake in the project to resolve the issue, pointing out that under the agreement Intrepid is entitled to at least half of Tujuh Bukit So far, major shareholders appear to be backing Intrepid’s current board, if only because work on the mine is continu-ing despite the impasse With plenty of cash left in reserves Intrepid has sworn to use it to regain control of Tujuh Bukit “I was hired to run a business,” Wenas says, “But first I have

to be sure I have a business to run.” F

Surya Paloh edwin Soeryadjaya

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ISSUES & IDEAS — SOCIAL mEDIA

FORBES INDONESIA

LasT year, jakarTa was engrossed in The

gu-bernatorial election, and most pollsters predicted a reelection

for incumbent Governor Fauzi Bowo A small startup firm

PoliticaWave, founded only in May, chose to be different Two

weeks before the vote, it announced that former Solo mayor

Joko Widodo (Jokowi) would win the election, a prediction

at odds with the conventional wisdom As the election went

to a second round, PoliticaWave stuck by its prediction It

turned to be right as Jokowi won 53% of the vote

The secret to PoliticWave’s accuracy? “We monitor

social media so we can get insights all the time and this

information is continuously updated,” says Yose Rizal,

co-founder and director at PoliticaWave

PoliticaWave is a joint venture between two companies: PT Tridaya, owned by Sony Subrata, and PT Mediawave, owned by Yose The pair set up PoliticaWave

to monitor social media related to political issues, and uses its website to publish its findings Tridaya is engaged with government relations while Mediawave monitors social media for companies

The pair’s success with Jokowi wasn’t a one-off success

In the recent gubernatorial election in West Java, caWave announced that the incumbent Ahmad Heryawan and running mate Deddy Mizwar would lead the election with more than 30% of the vote The final result published

Politi-by the General Elections Commission (KPU) were precisely

PoliticaWave’s Sony Subrata and Yose Rizal have tapped social media

to make more accurate political predictions

By Sonya angraini

Sony Subrata (left) and yose rizal.

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While monitoring social media for political

sentiments is common practice in the U.S and

other countries, PoliticaWave appears to be the

first to bring this technique to Indonesia

in line with that forecast Now the pair are focusing on the

gubernatorial election in Bali, which will be held in May

The two originally didn’t think of monitoring social

media for political trends, but then had an insight “If

we could measure what people think about certain

brands, then why don’t we use it for political issues?” says

President Director Sony Social media is a powerful way

to gauge public opinion as it spreads ideas that influence

political conditions, he adds

As many know, Indonesia ranks among the world’s top

five countries in the number of Facebook and Twitter

ac-counts While monitoring social media for political

senti-ments is common practice in the U.S and other countries,

PoliticaWave appears to be the first to bring this technique

to Indonesia It monitors not only Facebook and

Twit-ter, but also blogs, forums and other online outlets Unlike

polls, where respondents may not openly speak, people

are usually quite vocal on social media “People speak their

minds through this media with great candor,” says Yose

To measure social media, the pair have developed

tools to rank sentiment, such as how comments are

posi-tive or negaposi-tive on a candidate Another challenge in

monitoring social media is to find the right keywords

“Keywords need to be continuously

up-dated,” says Yose, adding that many use

slang, dialects and languages other than

Bahasa Indonesia Yose also says one has

to differentiate between

machine-gen-erated tweets and real ones “Campaign

managers often use automatic tweets to

increase their tweet amounts We

con-sider this spam, so we exclude them from

our consideration,” he explains

Anoth-er challenge is to detAnoth-ermine hype from

genuine tweets “People sometimes send

sensational tweets just to attract

follow-ers Because of this, many think that our

results are not credible,” says Sony “But

we do consider these accounts because

we can track their followers and analyze

their opinions.” They have also

devel-oped detailed profiles of various

politi-cians, which are available on the

Politi-caWave website

Yose says social media is being used

by a wide cross section of the population, but for now many who are active in social media are usually educated, and often from higher income levels These people will likely talk about their opinions as well in their groups, so there will be amplification, he adds Sony adds that even a small percentage of the population using social media can generate plenty of good data points to analyze

If, for instance, Internet users are only 10% out of a million people, that means PoliticaWave has 100,000 samples, Sony explains These samples generate much higher numbers compared to one-on-one surveys, which usually have at 1,000 samples “We may not have clear identification of the respondents but the amount of opinion is so big that it can’t

be ignored,” says Sony

Going forward, PoliticaWave will update its system

“Now, we can only read results of what is currently happening Next, we want to see where the trend is going,” says Yose It also plans to provide information for corporate clients related to political issues in Indonesia and analyze how this will affect business conditions in Indonesia It also plans to provide services for other institutions such as the Corruption Eradication Commission (KPK) or the House of Representatives to help them understand the importance of social media so they can use it as a way to communicate “People misunderstand these institutions and it’s time for them to change that image Social media is one way to do so, but if they don’t understand social media, they won’t be able to do it,” says Sony F

PoliticaWave predicted Joko Widodo’s winning in Jakarta’s gubernatorial election, two weeks before the vote by analyzing social media.

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integ-Of course, high-level government corruption exists all over the world, even in advanced countries But what seems to set Indonesia apart is the in-credible level of greed in some, if not most, in high and even low govern-

ment echelons So it’s not enough, for example, for a low level tax official

as Gayus Tambunan to help himself

to a couple of billions, as is the norm among officials in his department He had to amass about Rp 74 billion be-fore the law caught up with him

By the same token, senior nesian police official Djoko Susilo just couldn’t be happy with a house

Indo-or two and several plots of lands in his hometown in Central Java, not to mention three gas stations and a num-ber of tourist buses No mean feat for someone whose monthly salary is Rp

30 million He also has apartments in Australia and Singapore, all of which the antigraft body KPK alleges could only have been purchased with funds acquired by illegal means And this involves a person who had sought a career as a crimebuster

So how to describe survey dents who want the nation led by an

respon-“honest and pro-people” officials? Hopeless romantics? Unrealistic opti-mists? Well, perhaps In the meantime ordinary people express their disgust over corruption by using murals and wall posters to deliver their message

“God, hopefully my parents are not corrupt,” depicts one mural in Central Jakarta, while not far away a poster says: “I do not wish to have a corrupt person as my husband.”

Even today the words of the late prominent Muslim scholar Nurcholish Madjid still resonates strongly among the country’s intelligentsia: How do you reconcile Indonesia as a country with the world’s largest Muslim population with it being one of the most corrupt?

No one seems to know or even dare to seek the answer, as we often find hard truths difficult to accept F

A recent nationwide

sur-vey says that 47% of

respondents want an

“honest and

pro-peo-ple” person at the helm

of the nation, as opposed to the 1%

who prefer an “intelligent” or the 7%

for a “religious” president The

sur-vey, conducted by Pusat Data

Ber-satu (PDB, or Center of United Data),

also shows that respondents care less

about the nation’s future leader’s

eth-nic, civilian or military background

The survey reflects a significant

paradigm shift within our society For

only a few months ago many surveys

say most respondents prefer a “firm”

leader more than anything else, the

public’s allusion to their weariness of

what it sees as indecisiveness in the

current national leadership

The survey seems to suggest

that the so-called “Jokowi effect” is

beginning to kick in Jakarta Governor

Joko Widodo’s (Jokowi) transparent

and pro-people management style

has not only made him a local hero

of sorts; it has also made him the

standard against which government

leaders are measured For now, the

prevailing conventional wisdom on

leadership here seems to be that

integrity and strong connectivity to

the people matter most

With daily media coverage on

high-level corruption and on

politi-cians looking much more after their

own welfare rather than that of the

people, it is no surprise that the

public prefer integrity over

intelli-gence in their leaders By this logic,

it makes no sense having intelligent

people governing the country if they

taufik DaruSman IS ONE OF INDONESIA’S mOSt ExpERIENcED jOuRNAlIStS HE HAS HElD cHIEF EDItOR ROlES At Business Week indonesia AND investor mAgAzINES,

AND the indonesian oBserver NEwSpApER.

HIgH-level government corrUPtIon exIStS all over tHe World, even In advanced

coUntrIeS BUt WHat SeemS to Set IndoneSIa aPart IS tHe IncredIBle level oF greed.

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With all that data out there, it’s hardly surprising that it has been investors rather than governments who have been the first to recognize the tremendous value of these assets

The valuation of the likes of Facebook, Google or Amazon, for instance, are hard to defend unless one takes into account these intangible but very real data assets that don’t appear in books

However, there have been stirrings of late and the European Union launched an initial foray into the matter of web privacy by

introduction of the EU Cookie Law, which came into effect last May and requires websites to request permission from the user before planting certain cookies on the user’s machine This law seems unlikely to have much effect, as the wording is somewhat ambiguous and most just click their acceptance

Since then, however, a report was put out in mid-January at the behest

of the French government, which raised the idea of taxing the collection

of personal data by Internet firms One can appreciate their desire,

as some $2 billion of Google’s $30 billion advertising revenue each year originates in France, and the French Treasury receives precious little in the way of tax revenue

The belief is growing that sonal data is the fuel for the digital economy, backed by the number of businesses being built on the promise

per-of mining and exploiting ever more detailed personal data Given this, there could be further investigation into possible ways of taxing the min-ing of personal data in an appropriate manner One suspects, however, that this step will require international co-operation, not least in the revision of accounting standards

It does appear that the gloves are off, however, with Google being threatened with punitive action by the data protection services of the 27

EU countries should it fail to make changes to the new privacy policy it implemented last year At the end of the day, though, it all comes down to how much the individual is prepared

to pay for their privacy F

“Civilization works only if those who

enjoy its benefits are also prepared to

pay their share of the costs.”

I can’t claim credit for the

quote, which came from a

re-cent feature on tax evasion in

the Economist, but it is timely

considering that I was just

working on preparing my annual tax

filing This quote can be tied to

anoth-er gem I came across, that each day

we are bombarded with as much data

as our ancestors just five centuries

ago received in their whole lifetime

How much of this is actually

neces-sary for us to lead productive lives may

be debatable, but there can be no doubt

that data is big business nowadays

The question to be asked, though, is: to

whom does this data actually belong

and do those who enjoy its benefits pay

their share of the costs?

Take social media, for instance

Nothing has so rapidly empowered

the right of the individual to speak out

and enjoy free speech Yet this does

not always come without cost, as for

some the use of social media may

ex-pose them to persecution in their own

land, as not all of the world’s citizens

enjoy the same freedom of expression

as in the U.S and other nations

Even in more enlightened

coun-tries, however, free speech comes at the

cost of loss of privacy, such as the buzz

of my handphone interrupting a

relax-ing evenrelax-ing with my family So from

that side of things, I’m certainly paying

for the convenience it affords me

Nevertheless, we are increasingly

living in an Orwellian world as far

as personal privacy is concerned—

JameS S kallman IS A SENIOR pARtNER OF glOBAl AccOuNtINg AND cONSultINg FIRm, mAzARS A 30-yEAR vEtERAN OF EmERgINg mARkEtS, jAmES IS AlSO tHE

pARtNER-IN-cHARgE OF mAzARS’ glOBAl EmERgINg mARkEtS pRActIcE.

tHe BelIeF IS groWIng tHat PerSonal data

IS tHe FUel For tHe dIgItal economy.

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gLObAL vIEwPOINT

JENNIE S bEv

this trend The former is now tional corporations’ favorite destina-tion for offshore call centers, while the latter is for offshore IT desks

multina-Resource scarcity is another ous issue to tackle As more stresses are placed on the globe’s megacities,

seri-resource scarcity will be more lent Increased demand for food, water, energy, land and natural resources has been exponentially amplified in an un-precedented manner Since 2002, tech-nological advancement and human inventiveness is fighting a losing battle with the law of diminishing returns

preva-According to forecasts by the IMF and the World Bank, Asia’s economic output will be sixfold of today’s, from

$30 trillion to $230 trillion by 2050

Such an increase in GDP per capita

would impose more stress on global resources due to intense consumer consumption The U.S Food and Agriculture Organization also predicts

a 40% deficit between water supply and demand by 2030

The third trend is the extreme mate change that results in a negative impact on many planetary conditions, including ocean chemistry, air qual-ity and climate The oceans are being acidified with the nitrogen and phos-phorus elements in food fertilizers leaking into bodies of water Increased number of automobiles results in in-creased air pollutants By 2050, there will be 3 billion cars worldwide.Recent worldwide severe winter storms, for instance, might be caused

cli-by Arctic warming that has shifted

wind patterns Extreme climate changes would cause increased food prices and conflicts as communities and countries battle for access to shifting areas of arable land

Many economists believe that the world economy isn’t a zero-sum game because the total sum is much greater than its parts However, it is more realistic to calculate not merely the present measurable production, but also the social debts incurring in the future F

This column is the first of two parts, the

second will appear in the May issue.

Living in a modern society

involves risks and some

are bigger than others

In 2020, the world shall

encounter an important

milestone: make it or break it

Accord-ing to economist Thierry Malleret, by

that year the six global megatrends

will be engendering worldwide

in-stability: unfavorable demographics,

resource scarcity, climate change,

geo-political rebalancing, indebtedness and

fiscal issues, and rising inequalities

The world population is aging In

developed and certain Asian countries,

the birth rate is falling Of course,

In-donesia isn’t included, which is both

a pro and a con Approximately 4

mil-lion are born in Indonesia annually,

which is almost the size of Singapore

Singapore itself is losing population

rapidly, which it attempts to offset

with encouraging immigration

poli-cies and supportive “pro baby”

taxa-tion provisions

Japan’s labor force started to

shrink in the 1980s, while South Korea

and Taiwan will be losing population

within 15 years If Indonesia can

man-age its population well with

meaning-ful social and vocational developments,

it has an unprecedented opportunity

to penetrate various job markets in

Asia and, even, worldwide The trend

of elite “national plus” bilingual and

trilingual K-12 schools is a good start

in cultivating young leaders with an

international attitude The Philippines

and India have been capitalizing on

Jennie S Bev IS AN AwARD-wINNINg AutHOR, cOlumNISt, AND ENtREpRENEuR BASED IN NORtHERN cAlIFORNIA

Trang 23

gUEST COLUmN

ERIC LASCELLES

when the global economy is suffering

a tepid recovery As such, it is useful to evaluate what could go wrong

Some threats emanate from side the country Take the possibility

out-of a sharp decline in commodity

pric-es Despite the consolation prize of a suddenly affordable energy subsidies, Indonesia would nonetheless reel if the lower commodity prices persisted for an extended period A dispropor-tionate share of growth over the past several years has been on the wings

of rising commodity prices Indonesia could easily find itself growing at just 4% per year instead of the customary 6% if conditions worsen

Even more alarming would be a

Chinese hard landing However, this risk appears small: by all accounts, China has managed a soft landing to healthier levels of growth But China has plenty of other issues, such as ex-cessive local government debt If any

of these issues were to metastasize,

a Chinese hard landing would cast shrapnel across all of Asia, most tan-gibly impacting Indonesian exports and global commodity prices and also potentially undermining financial con-ditions and confidence If there is a

scenario that could take Indonesia (and the rest

of Asia) back to the ery of 1998, this is it. Other risks are do-mestic in nature, and within Indonesia’s con-trol Inflation is a distinct risk at a time when the unemployment rate is at an all-time low, the current account has dipped into deficit, minimum wages are ris-ing quickly and credit is expanding

mis-at a heady pace Alternmis-ately, foreign investment could prove flighty given recent protectionist actions in the mining sector Indonesia is at risk of succumbing to the “resource curse” that turns resource wealth into a mill-stone around the neck of many de-veloping nations

To be clear, none of these risks are currently likely, and Indonesia’s prospects remain quite promising But the country that neglects to acknow-ledge its vulnerabilities is the one at greatest risk of suffering from them F

I was recently in Jakarta to

speak at an economic summit

on the potential threats to

Indonesia’s economy This

proved to be a surprisingly

difficult exercise, as Indonesia has

done much to shield itself from

trouble To its considerable credit,

Indonesia has managed a remarkable

combination of smooth yet rapid

economic growth for several years,

regularly outpacing its neighbors

Indonesia has nimbly deflected

any number of threats over the past

15 years The global crisis of 2008 was

little more than a blip, despite a

drop-off in global demand and commodity

prices A key source of Indonesia’s

resilience is the flexibility afforded

by a rock-bottom public debt load,

paired with sizeable foreign exchange

reserves Each is the product of 15

years of fiscal discipline

A second source of stability is the

diversity of Indonesia’s economy The

nation’s generous endowment of

nat-ural resources and substantial

manu-facturing sector provide important

off-sets to one another A large consumer

base provides a more generalized

anchor of stability Finally, Indonesia’s

relatively small trade orientation

of-fers insulation against foreign shocks

Of course, Indonesia has taken

some hard lumps The 1996 Asian

financial crisis still looms large in

the country’s psyche, and avoiding a

repeat of this experience demands

constant vigilance The margin for

error is particularly small at a time

LookIng foR TRouBLe

In IndoneSIA

eriC laSCelleS IS tHE cHIEF EcONOmISt FOR RBc glOBAl ASSEt mANAgEmENt AND SpEAkS ON EcONOmIc tOpIcS tO AuDIENcES AROuND tHE wORlD.

to ItS conSIderaBle credIt, IndoneSIa HaS managed a remarkaBle comBInatIon oF SmootH yet raPId economIc groWtH For Several yearS.

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22 | FORBES INDONESIA ApRIl 2013 ApRIl 2013 FORBES INDONESIA | 22

task to narrow our choice to these women—yet the goal was to provide selected examples

of role models These 10 women have succeeded in various endeavors, and represent

a diversity of backgrounds They show how women can and do have

a major impact in whatever is their chosen profession

or passion For good measure, we have included another 10

on our honor roll Regardless of your gender, it is hoped that all on these lists can be a source

of inspiration.

Indonesia

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SMAILING TOUR APRIL 2013 EDIT 1 3/11/13 6:25 PM

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“When I started the Sintesa group in 1999, I told my father that I was no longer his staff but his partner,” says Shinta Kamdani.

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Her family is Johnny Widjaja, who

is a second generation business

tycoon and who ran the Tigaraksa

conglomerate With roots going

back to 1919, the Tigaraksa group

was later absorbed by the Sintesa

group, which is controlled under PT

Widjajatunggal Sejahtera, the family’s

holding company

Growing up, Shinta remembers

few normal holidays Each time the

school holiday started, Shinta spent

most of the time by working, either in

her family business or at other private

companies Then, when she finally

took the reins in 1999, it was hardly

an auspicious time for the country A

year earlier the Asia financial crisis

had struck and the former strongman

regime of Suharto has finally ended

The outlook for Indonesia was

uncer-tain, with numerous family

business-es going bankrupt or struggling with

major debts Yet Shinta rolled up her

sleeves and set to work

She had two goals One was to

ensure Sintesa’s long-term success as

a sustainable business—a major goal given the business climate at the time Second, the group had centralized management in the founder and then the son As the third generation to take the reins, Shinta was determined to turn Sintesa into a more professionally managed business, while still keeping

it under family control (only two of the 17 Sintesa group companies are publicly listed) For her success as an entrepreneur, Shinta qualifies to be named as one of ten inspiring women for this year’s list

In 1999, she inherited a tion of companies that were focused

collec-on property and industrial products Now 46, she made a major foray into energy through PT Metaepsi Pejebe Power Generation, or Mepoggen Meppogen built and operates a com-bined cycle gas power plant with 80 megawatts of capacity in South Suma-tra The plant will be connected to the South Sumatra-Riau grid Meanwhile, the gas supply is secured through an agreement with Medco E&P

Since 1999, Shinta Widjaja Kamdani has been the chief executive of the Sintesa group Her business career,

however, started much earlier At 13, she was selling

books door-to-door She is also surrounded by a family

of entrepreneurs She is married to businessman Irwan Kamdani, whose family owns IT company PT Datascript

entrepreneur

Shinta Kamdani

Chief Executive Sintesa Group

46, marrIed, 4 chIldren

Trang 28

In a short run, the capacity of the

power plant will be increased by up

to 30 megawatts In order to realize

the plan, at the end of last year Sintesa

secured a $100 million loan from Bank

Internasional Indonesia to develop the

project, as it requires $120 million to

increase the capacity In Banten,

Sinte-sa has a gas power plant, which

pres-ently has 110 megawatts of capacity

and will be developed into 340

mega-watts in a few years This year the

power plant will start to be exploited

“I believe in the next five years the

energy sector will play a major role

within the group,” Shinta predicts

In a long run, Sintesa plans to build

a total of 1 gigawatt of power plants

by 2020 by adding 200 megawatts of capacity each year in order to meet the national energy needs amounting to

10 gigawatts “We plan to support the government’s plan to provide more electricity,” says Shinta, who graduat-

ed from Columbia University

Currently Sintesa is eyeing a thermal plant in North Sulawesi The group estimates it could have a capac-ity up to 50 megawatts Besides that, Shinta is preparing a bio-ethanol proj-ect in South Sulawesi To support that effort, Sintesa already has a sorghum plantation in South Sulawesi “Bio-ethanol business needs a lot of dedi-cation to make it happen Even if we don’t have the technology, we are hop-ing in the next two years we can start the business,” says Shinta Apart from the energy sector, Shinta wants to bring long-term growth to all the busi-nesses in the group “We want Sintesa

geo-to be a sustainable group,” says Shinta

In the property business, Shinta plans to expand its hotel holdings, which currently includes the Menara Peninsula Hotel in Jakarta and the Hotel Sintesa Peninsula in Manado

This year the group will inaugurate a budget hotel in South Sumatra, while

in Bali it is developing a five-star hotel

in Jimbaran Going forward, Shinta plans to develop two hotels every year “Nowadays, budget hotels have a very good demand and of course make good money If run properly, they could give a 25% margin or more,”

says Shinta

One of the group’s two public companies is distribution company Tigaraksa Satria, established in 1987

by Shinta’s father and two uncles Last year the company booked revenues

of Rp 6.5 trillion, an increase of 16%

compared to the previous year of

Rp 5.6 trillion Up until now, the distribution division had been a major

moneymaker for the group “The distribution division’s size is still the biggest in the group,” Shinta says.Before taking the top job, Shinta started her career at Tigaraksa in 1989

as regular staff Ten years later her father gave the chief executive role but spun off the distribution to her uncle Robert Widjaja and her cousin Chandra Widjaja Meanwhile, Shinta got the other parts: manufacturing, property and energy “Sintesa is my baby When I started the Sintesa group in 1999, I told my father that

I was no longer his staff but his partner,” says Shinta

Will there be a fourth generation to take over from Shinta? That decision has not been made Shinta says she

is not pushing her children to day run the business “They have their own preferences,” says Shinta “It de-pends on them.” Shinta’s sister Paquita Widjaja, for example, is a socialite and singer, and has recorded several al-bums—but is not involved in the busi-ness To fuel the entrepreneurial spirit

some-in the company, each company some-in the group has its own profit and loss ac-counting, and managers are empow-ered to make decisions on their own

“I just make the target They make it happen,” says Shinta

Source: Sintesa group material

The group has many branches,

established over many years, but with

a focus on property, industrial products,

energy and consumer products

Consumer produCts

• PT Tigaraksa Satria (1987)

• PT Biolina Trio Sintesa (1999)

• PT Cipta Sintesa Mustika (2006)

• PT Sinar Indonesia Merdeka (1979)

• PT Tanah Sumber Makmur (1986)

• PT Tekun Asas Sumber Makmur (1992)

SinteSa’S

Wide Spread

By Ulisari Eslita

Trang 29

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phIlanthropIst

Michelle Sampoerna

Chairperson Putera Sampoerna Foundation

Michelle established the Putera Sampoerna

Foundation (PSF), a non-profit institution

dedicated to improving the quality of education

in the country in March 2001 With $150 million

pledged over 10 years from her father, the

billionaire Putera Sampoerna, the PSF is one of

the best-funded privately run foundations in the

country Michelle has progressively improved

the foundation’s programs, and has even helped

send some students abroad to get MBAs at

the Kellogg and Wharton business schools

in the U.S Previously, she held the position

of communications manager at the family’s

cigarette company, now majority owned by

Altria She also documented her family heritage

in a book entitled “The Sampoerna Legacy.”

Karen is the first woman head of the country’s state energy company, appointed in 2009 to a five-year term that was recently renewed for a second term Pertamina has done well under Karen, booking a net profit of Rp 26 trillion last year, the highest in the company’s history She has a long background in the industry, having served in executive positions at Mobil and Halliburton’s Indonesian operations

In 2006 Karen first joined Pertamina, heading its upstream division, and helping implement an international diversification strategy More recently she has pushed the company into developing promising coal bed methane

exeCutIve

Karen Agustiawan

Chief Executive Pertamina

Trang 31

Her films Ada Apa Dengan Cinta,

Laskar Pelangi and Sang Pemimpi

demonstrated that Indonesian films could be both well-made and

a commercial success at the box office, and helped revive the decline

in Indonesian filmmaking She has also produced the high-quality

children’s film Anak Seribu Pulau in

1996 Her original interest was music,

as her mother and father are both musicians A graduate of the Jakarta Art Institute, she wrote her first song

at 16 but later choose to focus more

on film Currently she is working

on several films, one of them titled

Sekolah Rimba inspired by the story of Butet Manurung who dedicated her life providing education for kids in a remote area of Jambi National Park

Mira Lesmana

Film Producer

CreatIve talent

Trang 32

build Ancora into one of the leading

local private equity firms in the

country because investors trusted her

to provide great returns

Veronica started Ancora

Interna-tional in 2007, after getting more than

ten years experience in investment

banking She earned a B.S in

Busi-ness Administration from the Haas

School of Business at the University

of California Berkeley She started

her career at Citibank Indonesia as a

banker for three years before moving

to PT Bahana Securities as assistant

vice president At Bahana, she met

Minister of Trade Gita Wirjawan, who

is the other co-founder of Ancora

In-ternational Her last position before

starting Ancora was vice president in

the investment banking division at J.P

Morgan Indonesia

In the same year it was founded,

the company acquired an oil drilling

company PT Bormindo Nusantara,

which is now consolidated under PT

Ancora Indonesia Resources with a

market capitalization of more than Rp

300 billion In 2008, through Ancora

Capital, it raised $300 million and

acquired a majority stake in

Apexin-do Pratama Duta, an oil drilling firm,

in partnership with Mitra Rajasa, a

transport company, worth Rp 5.2

tril-Conventional wisdom holds that private equity is about

managing investments Veronica Lukito, co-founder and

chief executive of PT Ancora International, says private

equity is also about managing trust For almost six years

heading the private equity firm, Veronica has managed to

fInanCe

Veronica Lukito

Chief Executive Ancora International

2 chIldren

returns than an investor could get in more liquid and safer investments However, with the returns on simple stock investing in Indonesia now fairly good, it means private equity investors must work that much harder to find returns that can beat returns from investing in listed stocks

For being a leader in the dominated field of private equity, and making a success of it, Veronica Lukito is named as one of ten inspiring women in the category of finance

male-Indeed, the strong returns of the past few years are making some investors nervous “This year the concerns in the industry are whether the hype in Indonesia is sustainable, whether the market is too crowded, and whether valuations are already too high,” Veronica adds, saying these factors could influence how future fundraising goes Despite these concerns, Veronica believes the prospects for private equity remains good in Indonesia given its strong fundamentals such as rising domestic consumption, a growing population and the isolation of the economy being protected from volatile world markets Going forward, besides natural resources, Veronica sees consumers and infrastructure as the most appealing sectors to invest in She acknowledges that some companies may be overvalued, but that the consumer industry is so wide that it still has many smaller companies that have the potential to grow bigger to invest in As for the infrastructure sector, despite many projects to invest

in, private equity companies and investors are still waiting for clear policies, such as on land clearance, the tender process, and permits

To balance her life with the busy business rhythm, Veronica spares

lion and took over Bakrie & Brothers’

debts worth $75 million in exchange for 5% of Bumi Resources shares at the time (later in 2009 it was reported that Ancora profited Rp 664 billion from selling back 4.2% of the Bumi Resources shares) Now, instead of large bets, Veronica says her firm is more focused on midsized invest-ments, ranging around $25 million

“My education background was finance, my first career was finance

at Citibank, and I was interested in learning about a business, to gauge its growth prospects, to know the risks and to be able to protect an invest-ment,” says the mom of two about why she has chosen the private equity path

“Private equity also has potential, since the total investment of private equity

in Indonesia is only $2.5 billion pared to $25 billion in India,” she says

com-With international investors eager

to put money into the country, some people think private equity is a piece

of cake, but in reality it’s a really hard work, she says “The average IRR in the industry now ranges from 20%

to 25%,” Veronica says Of course there is no guarantee that investors will get those kind of returns, and it’s precisely that risk that requires private equity investors to offer higher ahmad zamroni / f

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not provide barriers on levels to be reached—the main criteria to advance

in the industry is the profits that a person generates, regardless of their gender She also cites research that a mix of male and female staff improves returns “I went to a women confer-ence and there was a presentation showing that a company with women employees performs better than one with none, but of course there has been no research showing a company made up entirely of female employees

is better,” she smiles

some time for travelling outside her business travels “I try to visit one

or two new places a year Last time

I went to Borobudur and stayed for a week, it’s enough to feel the ambiance of the people who live there I like to see what life is like in other countries and compare it to what it is like here,” she says Another hobby of her is music and Ancora has

a music division that helps budding Indonesian musicians

Although Veronica does not deal directly with the artists, she helps

to decide which musicians have

potential for the market One of the musicians she evaluated is Smash, an Indonesian boy band “I heard their music and I believed it was something new and could be accepted, so we decided to support them,” she says

Besides supporting Smash, Ancora’s music division also became the producer for pop singer Dewi Lestari and jazz singer Tompi

When asked whether she finds

a special challenge being a woman chief executive, Veronica says she sees finance as one of the sectors that are more open to women and do By ardian WiBisono

Veronica lukito believes the prospect for private equity remains high in Indonesia given its strong fundamentals

Trang 34

@ Central Park Tribeca - UG Floor

Visit our

Marketing Gallery &

Show Unit

@ Central Park - LG Floor

Visit our Preview Lounge

Located

at Jakarta’s prominent address

Tugu Pancoran

Mixed use development

Residential Office Mall

Trang 35

@ Central Park Tribeca - UG Floor

Visit our

Marketing Gallery &

Show Unit

@ Central Park - LG Floor

Visit our Preview Lounge

Located

at Jakarta’s prominent address

Tugu Pancoran

Mixed use development

Residential Office Mall

Concept

Small Office Home Office

Flexible

payment scheme

SOHO APRIL 2013 2 HAL EDIT.pdf 1 3/22/13 4:42 PM

Podomoro City • Jl Let Jend S Parman kav 28 • Jakarta021.5698.5555

65%

Main Lobby

Sky Terrace Lift Lobby

Another Prestigious

AGUNG PODOMORO LAND

Located At The Prime Gateway Of Podomoro City

Visit our Marketing Gallery at Central Park - Tribeca on UG floor

Visit our Exhibition at Central Park Jakarta - LG floor

SOHO APRIL 2013 2 HAL EDIT.pdf 2 3/22/13 4:42 PM

Trang 36

Mari is the first Chinese Indonesian woman to hold a position as a minister in

the country Mari was the Minister of Trade from 2004 to 2011 before being

reshuffled to her current position as the Minister of Tourism and Creative

Economy Mari obtained her bachelor and masters degrees from the Australian

National University, and her doctorate in economics from the University of

California at Davis, United States She was previously active at the Centre for

Strategic and International Studies and trade forums before being appointed

as minister She was also a respected figure at the WTO during her seven years

time as trade minister due to her strong stance on free trade There is talk that

she may have a shot at replacing Pascal Lamy as the director general of WTO,

after his term ends in August

polItICIan

Mari Elka Pangestu

Minister of Tourism and Creative Economy

Trang 37

Agnes started her career at the young age of six, and has made a name for herself as an award- winning, best-selling singer and highly acclaimed actress With eight albums under her belt, Agnes has gained commercial success in many countries outside Indonesia, including Brunei, Holland, Malaysia, the Philippines and Singapore After performing at the 2008 and 2009 Asia Song Festival in Seoul, Agnes also attained fame in China, Korea and Taiwan Agnes broke into the international music scene through collaborations ranging from those with American R&B singer Keith Martin to Latin heartthrob Christian Chavez She recently recorded a duet with singer Michael Bolton and is now working on

an album with rap artist Timbaland.

Trang 38

Yet public opinion was on her side,

supporting the mayor’s campaign to

reduce billboards with tax increases

and other measures, saying it was a way

to stop the city from becoming a forest

of billboards

Among other issues, the mayor

had found advertising companies

were underpaying their taxes and

were able to put up billboards

any-where they wanted—such as in green

areas Agencies were also putting up

billboards in areas already crowded

with advertisements

Despite the limitations, tax

revenues for the city from billboards

actually went up due to better

Surabaya Mayor Tris Rismaharini, 51, made headlines in

January 2011 when Surabaya’s local parliament tried to

impeach her just four months after she had been sworn in

as mayor Tris was accused by the legislative assembly of

raising taxes on billboard advertising above the legal limit

regIonal

leader

Tris Rismaharini

Mayor Surabaya

as one of the most environmentally friendly cities in the Asia-Pacific re-gion, scoring above Seoul, Yokohama and Penang “A city is the home for its inhabitants You should treat it like a house—you must clean it, and make it beautiful and comfortable, with lovely gardens and good facilities When you build your house, at the same time you also have to build the character of your family members, by free tuition, good public services, and entrepre-neurship And I consider Surabaya as

my home,’’ explains the mayor For her tireless work to improve Surabaya, the mayor is included on the ten inspir-ing women’s list under the category of regional leader

The style of Tris’s leadership is more like a mother than a bureaucrat The mayor likes to personally visit the slum areas, or other parts of the cit-ies, to see conditions for herself She has gone to red light districts to talk

to sex workers, hoping they’ll come in for job training For years, Surabaya was a center for human trafficking Not long after she was elected mayor, Tris was asked to close the red light districts But Tris didn’t agree with

an immediate closure “You can’t just close the areas without giving [sex workers] an alternative So, I prefer to give them job training first,” she says She has so far managed to close two red light districts, although others re-main Another priority is improving the schools In 2013, the government agreed to increase the education bud-get by around 36% to Rp 5.6 trillion Despite her good track record, Tris has made enemies from those who have a stake in the status quo She has received many death threats over the years To that she is philosophical: “I believe that my life and death belong to God.”

enforcement of the rules, even while restricting the areas where billboards could be posted Previously, the city got around Rp 91 billion from the billboard tax, and the mayor was able

to raise that to Rp 117 billion

But where Tris is best known is in improving the public parks and other green spaces She has worked to make

it more difficult to get permits to pave over mangrove areas, and launched a fine for anyone who cuts down a tree

in a public or other restricted area

“Last year, we got Rp 40 million from those illegally cut trees,” she says

Her passion for parks arises from her time as head of the city’s Mu-nicipal Environment and Sanitation department Today, Tris is working hard to add more green to the city It has, among other areas, some 30 hect-ares of gardens, 50 hectares of parks,

31 hectares of protected forests and 2,500 hectares of mangrove areas In total, about 20% of Surabaya’s 33,000 hectares are classified as green areas

“This percentage is still lower than target It should be 30 to 35% of the total,” says the mayor “We still need more areas for sport centers and camp sites Why? Teenagers love to play basketball, volley or just jogging.”

Her works are gaining tion In 2012, Surabaya was cited by international ratings agency Citynet ahmad zamroni / f

• Raised revenues from taxes on

advertising

• Defeated a plan by the central

government to build a toll road

through the middle of the city

• Launched plans to build a monorail

and tram system for the city

• Closed some red light districts

and provided job trainings to

former sex workers.

• Fired 40 city officials for being

corrupt

• Establishing rules to protect trees

in public spaces

SUrabaYa reFOrMS

By rEnjani PUsPo sari

SOME SELECTED ACHIEvEMEnTS

OF THE MAyOR:

Trang 39

“a city is the home for its inhabitants

You should treat it like a house—you must clean it, and make it beautiful and comfortable,” says Tris rismaharini.

Trang 40

global

leader

Sri Mulyani

Managing Director World Bank

Sri Mulyani has served

as a managing director

at the World Bank since

May 2010 There, she is

responsible for its global

operations in Asia, Africa,

Europe, Latin America, and

the Middle East, among

other responsibilities

Formerly, she was the

minister of finance and the

coordinating minister for

economic affairs During

her tenure, the country’s

tax income increased

20% annually yet she had

to leave the post due to

controversy surrounding

the Bank Century

bailout case, on which

she is scheduled to be

questioned this month by

the Corruption Eradication

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