Richest Man in Indonesia Loses $9 Billion After MSCI’s Warning

The fortunes of Indonesia’s richest tycoons have plunged by almost $22 billion after MSCI Inc. raised some fundamental questions about whether the nation’s companies are worth as much as their share prices suggest.

The biggest loser was Prajogo Pangestu, Indonesia’s richest person, whose net worth has dropped by around $9 billion after his energy and mining companies slid. His net worth now stands at about $31 billion, according to the Bloomberg Billionaires Index. His fortune has tumbled about $15 billion this year.