Media Report: Hartono Family Moves Over Rp17.6 Trillion Abroad
The Hartono family, one of Indonesia’s wealthiest families, is reported to have expanded its overseas investments with a value of at least US$1.4 billion, or more than Rp17.6 trillion. These investments were conducted through several entities connected to the Hartono family in Singapore and London.
Bloomberg reports that this expansionary move has been visible since late 2023. Through Evergreen Hill Enterprise Pte Ltd, a business group affiliated with the Hartono family, an acquisition of a paper products business in the United States worth US$669 million was completed. Approximately one year later, Evergreen undertook another acquisition, purchasing a cigarette paper manufacturer in Austria for €360 million, or approximately US$418 million.
These two transactions do not represent the entirety of the Hartono family’s overseas investments. Based on corporate documents and information from parties familiar with the group’s activities, at least nine entities in Singapore and London linked to the Hartono family have undertaken foreign investments totalling at least US$1.4 billion. These investments are ongoing, with the group reportedly investing in a financial services software company in Singapore and considering further transactions.
However, the US$1.4 billion figure does not necessarily mean the Hartono family has transferred that amount in cash from Indonesia. The value more accurately reflects the total overseas investment conducted through various entities connected to the family. According to those familiar with the investment strategy, the overseas expansion is intended to diversify income sources into other currencies amidst economic uncertainty in Indonesia. Nevertheless, the majority of the Hartono family’s assets remain within the country.
The Hartono family is not the only Indonesian conglomerate increasing overseas investment. Billionaire Alex Ramlie, through his company, agreed to the purchase of coal mining assets in Australia worth US$3.9 billion in May 2026. Meanwhile, a company controlled by Prajogo Pangestu, Indonesia’s second-richest person, submitted a US$5 billion bid to acquire a geothermal company in the Philippines in July 2026.
Laura Schwartz, Senior Asia Analyst at risk intelligence firm Verisk Maplecroft, noted that the increasing role of the government in the Indonesian economy is creating uncertainty in several strategic sectors. “The increasing role of the government in the economy has triggered uncertainty in some of the most important sectors in this country,” said Laura. “The government’s inconsistent approach towards Indonesian business leaders has not eased investor anxiety,” she added.
Bloomberg also reported capital outflows since President Prabowo Subianto assumed office in October 2024. The Rupiah exchange rate reportedly hit historic lows, while the Indonesian stock market faced pressure. Global investors have been net sellers of almost US$4 billion in Indonesian stocks since January 2026, nearly four times the amount seen throughout 2025. The largest foreign banks in Indonesia have also reportedly repatriated approximately US$640 million in capital since Prabowo took office.
The government has denied that these conditions indicate a change in commitment to the business world. A representative for President Prabowo stated that the government remains committed to maintaining a fair and rule-based business climate for all investors and business groups. “The government remains committed to maintaining a fair and rule-based business environment for all investors and business groups,” the Government Communications Agency explained to Bloomberg.
The Government Communications Agency also emphasised that the government values the private sector’s role in investment, job creation, economic growth, and national development. The government stated that the involvement of the business world in various government programmes does not alter its commitment to equal treatment, legal certainty, and good corporate governance.
The Hartono family is currently led by 85-year-old Robert Budi Hartono, following the passing of his brother, Michael Bambang Hartono. The family’s business group holds several major enterprises in Indonesia, including banking, tobacco, electric vehicle distribution, dairy farming, and restaurant chains.
Interestingly, the Hartono family name does not appear directly in several of these overseas transactions. Official documents and press releases list Evergreen Hill as the purchaser, describing it only as part of a private business group based in Indonesia. However, based on corporate documents in Singapore and Indonesia, Evergreen Hill is known to be wholly owned by PT Eragraha Pirantimegah, a company also wholly owned by the Hartono family.