Danantara has billed itself as the world’s seventh-largest sovereign wealth fund.
Photographer: Muhammad Fadli/BloombergIndonesia's Upstart Sovereign Fund Stumbles Through Turbulent Year
Danantara has quickly morphed into a catch-all vehicle for advancing the president’s socialist agenda and political ambitions.
At an invitation-only dinner in the Grand Hyatt Jakarta last August, the chief executive officer of Indonesia’s fledgling sovereign wealth fund rounded up about 30 individuals from the country’s richest families and made a plea.
The state investor, Danantara, wanted the business elite to participate in a nation-building effort by purchasing “Patriot bonds” that would finance projects with social benefits. CEO Rosan Roeslani said that would help realize President Prabowo Subianto’s vision, according to people with knowledge of the private gathering who asked not to be named.