Indonesia’s PT Media Nusantara Citra Tbk, South East Asia largest integrated media group with a total asset of USD 1 Billion with reported liabilities of USD 400 Million had announced an EBIT of about USD 94 Million for the Q2 of 2017 and the net profit after tax was USD 63 Million. It bought PT RCTI, one of the Indonesia’s TV network pioneers from Billionaire Peter F. Gontha. The Group invested in Singapore social or dating network ‘Paktor Pte Ltd’ in early 2017 for a sum close to USD 3 Million in shares. The group is controlled by Hary Tanoesoedibyo, an aspiring ‘Trump’ like businessman. In addition to the Media businesses, the Group ventured into Real estate and hospitality sector developing and building golf courses and hotels across the country.

Hary came close to the country’s Islamic hardline faction during the hotly contested Jakarta Gubernatorial election in early 2017, courting the FPI (Islamic Defender Front) and came close to the PKS (Partai Keadilan Sejahtera) and to the Prabowo coalition, the opposing faction to the incumbent President Joko Widodo. The coalition is dreaded by many Indonesian watchers and analysts, as the financial and political actors behind the coalition are generally that of the ‘New Order’ regime, previously with businesses flourishing and benefitting under President Soeharto. Soeharto’s son, Tommy Mandala Putra had also emerged lately into the Political scene, and many watchers and analysts are worried that it will derail President Joko Widodo nation building efforts, one of them being eradicating corruption. The upcoming presidential election will be in 2019 and it is such businesses used for political funding that could be a big swing factor for votes, as witnessed during the 2017 Jakarta gubernatorial election, with Race and Religion being brought onto the stage instead of meritocracy and it is with these ‘money’ that a lot of Demonstrations in the capital in the past were being funded from.

(FPI Demonstration during 2017 Jakarta Gubernatorial election, image credit: Liputan 6)

A lot of old political players especially during the last few years of the ‘New Order’ regime are coming back on scene and those that have ties with Prabowo and these poses a big risk to the Country’s ‘modernization’ efforts.

EditorHotels/RestaurantsPoliticsPropertyServicesHary Tanoesoedibjo,Indonesia,MNCIndonesia's PT Media Nusantara Citra Tbk, South East Asia largest integrated media group with a total asset of USD 1 Billion with reported liabilities of USD 400 Million had announced an EBIT of about USD 94 Million for the Q2 of 2017 and the net profit after tax was...