Business History: The Cendana Family and Prajogo Pangestu's New Business Landscape

The fall of Soeharto in 1998 also dragged down the cronies close to the New Order regime. Twenty-eight years ago in May marked a shift in the business landscape of conglomerate Prajogo Pangestu, involving trade partnerships with the Cendana family. Just days after Soeharto’s resignation, in a legendary announcement that became a pivotal moment in Indonesia’s history, power swiftly transferred to B.J. Habibie. This rapid leadership transition also reshaped Indonesia’s business landscape, including the ventures entered by the Cendana family.