Prabowo Fury on Market Rout Shows Growing Divisions in Indonesia
Indonesia’s president ordered the firings of regulators after warnings about MSCI’s concerns went unheeded.
Indonesian President Prabowo Subianto during an annual meeting of Bank Indonesia in November.
Photographer: Bay Ismoyo/AFP/Getty Images
As Indonesia’s stock market plummeted in late January, President Prabowo Subianto was furious.
Key cabinet ministers huddled at his rural hillside home in Bogor, an hour’s drive from Jakarta. The meeting quickly turned into a blame game, according to people familiar with the matter, who requested anonymity for fear of reprisals.