Forbes Indonesia 2013 April (e-magazine full)

Indonesia
APRIL 2013
VOLUME 4 ISSUE 4
WW W.FORBESINDONESIA.COM
10 INSPIRING WOMEN FOR 2013
#
3
AMANCIO ORTEGA
$57 BILLION
THE RICHEST PEOPLE IN THE WORLD
• $5.4 TRILLION COMBINED WEALTH
• 25 INDONESIANS
RP 50,000
#
3
AmAncio ortegA
$57 Billion
10
www.bankmayapada.com
Mayapada Tower, Ground Floor – 3rd Floor
Jend. Sudirman Kav.28 Jakarta 12920 – Indonesia
Phone : +62 21 5212288, +62 21 5212300
Leading you to Indonesia
For over two decades, Bank Mayapada has proven to be a strong and reputable bank
in Indonesia. We offer a wide range of financial services to meet our clients’ personalized
business needs supported by state of the art IT and knowledgeable staff. With over than
170 branches in 19 provinces in Indonesia, Bank Mayapada will continue to serve the ever
growing economy in Asia.
dps mayapada final.indd 8 7/3/12 7:46 PM
www.bankmayapada.com
Mayapada Tower, Ground Floor – 3rd Floor

Jend. Sudirman Kav.28 Jakarta 12920 – Indonesia
Phone : +62 21 5212288, +62 21 5212300
Leading you to Indonesia
For over two decades, Bank Mayapada has proven to be a strong and reputable bank
in Indonesia. We offer a wide range of financial services to meet our clients’ personalized
business needs supported by state of the art IT and knowledgeable staff. With over than
170 branches in 19 provinces in Indonesia, Bank Mayapada will continue to serve the ever
growing economy in Asia.
dps mayapada final.indd 8 7/3/12 7:46 PM
2 | FORBES INDONESIA APRIL 2013
Indonesia
8  FACT & COMMENT  Steve Forbes
They succeed by meeting your needs.
10  THOUGHT LEADERS  Paul Johnson
The war on drugs a defining moment.
11  DELIVERING INFRASTRUCTURE  Raj Kannan
Taking the bull by the horns.
ISSUES & IDEAS
12  SOCCER DIPLOMACY
Australia’s Intrepid Mines is using soccer diplomacy and other tactics
to regain a stake in the Tujuh Bukit gold mine, worth billions.
BY JEFFREY HUTTON
16  VOX POPULI ONLINE
PoliticaWave’s Sony Subrata and Yose Rizal have tapped social media
to make more accurate political predictions.
BY SONYA ANGRAINI
18  FRESH THOUGHT  Tauk Darusman
Hard truth.
19  REALITY CHECK  James Kallman
Paying for privacy.

20  GLOBAL VIEWPOINT  Jennie S. Bev
2020 megatrends and Indonesia.
21  GUEST COLUMN  Eric Lascelles
Looking for trouble in Indonesia.
INSPIRING WOMEN
23  10 INSPIRING WOMEN
These 10 women have succeeded in various endeavors, and represent a diversity
of backgrounds. They show how women can and do have a major impact
in whatever is their chosen profession or passion.
40  10 HONOR ROLL
For good measure, we have included another 10 on our honor roll.
COVER PHOTOGRAPH BY
DUSKO DESPOTOVIC / SYGMA / CORBIS
contents — april 2013 volume 4 issue 4
p PAGE 24
“When I started
the sIntesa group
In 1999, I told my
father that I Was
no longer hIs staff
but hIs partner.”
— shInta KamdanI,
ChIef exeCutIve sIntesa group
APRIL 2013 FORBES INDONESIA | 3
BNI APRIL 2013 EDIT 1 3/6/13 3:15 PM
4 | FORBES INDONESIA APRIL 2013
BILLIONAIRES
48  THE TOP 20
This elite group is worth $714 billion, $80 billion more than last year.
52  INDONESIA’S RICHEST

With 25 billionaires, Indonesia now ranks ahead of Japan in billionaires.
54  FROM OLIGARCH TO PRESIDENT?
Mikhail Prokhorov is a tycoon in Russia, Jay-Z’s partner in Brooklyn—and a strong
candidate to eventually replace Vladimir Putin in the Kremlin, a prospect the
billionaire is turning into his full-time job.
BY KATYA SOLDAK
60  DOGS BARK, BUT THE CARAVAN ROLLS
Pham Nhat Vuong’s valuation defies a fiercely dicult property sector in Vietnam.
BY LAN ANH NGUYEN
ENTREPRENEUR
64  FLORAL BEAUTY
Harijanto Setiawan has successfully transformed flowers
into art with extraordinary value.
BY YESSAR ROSENDAR
67  CEO WISDOM  Andrew Tani
Dragon boat leader.
68  TILE TIME
With Arwana Citramulia, Tandean Rustandy created the country’s
second largest tile maker by serving smaller cities and rural areas.
BY SONYA ANGRAINI
70  INTRICATE CREATIONS
Nancy Goh has developed her Bagteria handbags into a global brand.
BY YESSAR ROSENDAR
72  MARKETING INSIGHTS  Hermawan Kartajaya
Singkawang: WOW!
73  LEGAL VIEW  Eddy Leks
Balancing franchise growth with aid to SMEs.
FORBES LIFE
74  WARRIORS, HORSES & BLOOD
On Sumba, the ancient pasola battle still thrives to help secure a good harvest.

BY MUHAMMAD FADLI
78  THE EYE  Yessar Rosendar
PAGE 68 u
“my dream Is that In the
future, When people
talK about CeramIC
tIles, arWana Is the fIrst
name they thInK of.”
—tandean rustandy,
ChIef exeCutIve pt arWana CItramulIa
p
PAGE 70
“eaCh bagterIa
bag has a soul
and story behInd
I
t. I belIeve that’s
Why people
appreCIate It.”
— nanCy goh,
founder bagterIa bag
contents — april 2013 volume 4 issue 4
APRIL 2013 FORBES INDONESIA | 5
CIMB NIAGA APRIL 2013 EDIT.pdf 1 3/22/13 6:54 PM
6 | FORBES INDONESIA APRIL 2013
FORBES INDONESIA
siDelines
O
ne of the missions of Forbes Indonesia is to provide role models and,
by extension, inspiration, whether one is an aspiring entrepreneur or

an established billionaire. This issue has not one but two sets of role
models to provide inspiration. The first is our cover subject of billionaires, the
wealthiest role models on the planet. They show what can be done—on a grand
scale. Their stories are varied—these men and women come from a wide variety
of backgrounds and experience, demonstrating that the path to great wealth is
not a narrow one but one with many avenues of opportunity.
For a near-perfect example, we have in this issue a profile of the first bil-
lionaire in Vietnam, Pham Nhat Vuong of the Vingroup. Turning closer to home,
what is happening here in Indonesia in the billionaire arena is also inspiring.
The country can now boast it has 25 billionaires. In the Asia-Pacific region, this
figure puts Indonesia as the home to the fifth-largest group of billionaires, ahead
of much wealthier countries such as Australia, Japan and Singapore.
The second group in this issue to bring inspiration is our inaugural set of
10 inspiring women, accompanied by an honor roll of another set of 10 women.
Unlike the billionaires list, these women are not all entrepreneurs. Instead the
idea was to present a cross section of disciplines, such as politicians, celebrities
and athletes. By doing this, it shows that inspiration for women can come in
many areas of endeavor and that women are achieving success in a variety of
fields. Entrepreneur Shinta Dhanuwardoyo pioneered the Internet advertising
agency Bubu, a sector that normally is dominated by men. At one trade show
in the early days of her company, a potential customer kept asking to speak to
her boss, refusing to believe that a women could hold that position. Our private
equity investor Veronica Lukito of Ancora notes that companies that include a
mix of men and women perform better than those without women. Veronica too
has succeeded in another male-dominated industry.
One of the points of presenting this group of 20 women is not to do a long
list—it is meant to be more of a sample showing the diversity of accomplish-
ment. One area of disappointment is that unfortunately these two lists don’t
have any area of overlap. The 25 Indonesian billionaires don’t include a single
woman. Indonesia has come a long way, and women are rising in the ranks of

accomplished businesspeople, both in stature and net worth. Under “lifetime
achievement” we include Martha Tilaar, as she is truly a pioneer of women en-
trepreneurs for the country, starting with one small beauty salon in 1970. Yet
this lack on the billionaires list could also be a source of inspiration, for perhaps
there is a woman out there who will strive to claim the title to be the first to
enter the billionaires club. Having a woman billionaire would no doubt inspire
others to follow in her footsteps.
f
INSPIRING
ROLE MODELS
Indonesia
Justin Doebele
Chief Editorial Advisor

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april 2013 • Volume 4 issue 4
APRIL 2013 FORBES INDONESIA | 7
MAZDA APRIL 2013 EDIT.indd 1 3/25/13 10:16 AM
8 | FORBES INDONESIA APRIL 2013
Fact & comment — steve ForBes
FORBES INDONESIA
“With all thy getting, get understanding”
The impressive increase in the
net worth of the world’s billionaires
and the fact that there are 200 more of
these folks than there were a year ago
will have leftists everywhere decrying
the growing gap between the haves and
the have-nots. After all, they’ll howl,
why should the ranks and wealth of the
wealthy grow while most of the world’s

economies are struggling? But don’t
blame these rich for the governments’
poor economic policies. More to the
point, the overwhelming majority of
these people have moved ahead through meeting
the needs and wants of other people, not through
inheritances or crony capitalism. Their successes
didn’t come at the expense of everyone else. Free-
market capitalism is not a zero-sum system.
In fact, we should take heart from this list. It
demonstrates that, despite pervasive
antigr
owth
policies almost everywhere, the entrepreneurial
spirit is showing surprising resiliency worldwide.
Amancio Ortega from Spain has displaced
Warren Buett in the No. 3 spot by providing
low-priced fashions. GoPro’s Nicholas Woodman
demonstrates that you can take your passion and
become rich pursuing it: Who’d have thought that
a guy interested in dangerous, high-skill sporting
activities would come to be worth $1 billion
and not just another bum? Tory Burch was an
unknown just a few years ago. As was Diesel jeans
mogul Renzo Rosso.
We’ve already seen astonishing rises in the glob-
al standard of living since the fall of the Berlin Wall
and the abandonment of communism in China.
Someday the current bout of government economic
malpractice will pass, and it will be the conven-

tional wisdom of governments to pursue low-tax
and sound-money policies. The impressive upward
march of humanity will again resume vigorously.
THEY SUCCEED
BY MEETING YOUR NEEDS
The Daily Show’s Jon Stewart should be
awarded a Nobel Prize in economics.
The Nobel committee wouldn’t even
have to issue a new one; it could just
revoke the one it awarded to New
York Times columnist Paul Krugman
in 2008. In January Stewart spoofed
the idea of the trillion-dollar platinum
coin, which had been floated as a way
of getting around the ceiling on the
national debt. The debt-ceiling crisis will reemerge
soon, as will this silly proposal—the notion that
the Treasury can mint such a coin and then turn
it in to the Federal Reserve for cash to keep the
government going.
Money out of thin air! Why wasn’t this
thought of before? As Stewart asked, why not a
$20 trillion coin? You can watch his hilarious take
at />january-10-2013/the-trillion-dollar-coin.
You’d think the coin nostrum was invented as
a joke by Saturday Night Live or The Daily Show,
but people like Krugman take it oh-so-seriously.
After all, as Krugman said, “Money is a social
contrivance,” something to be played with for our
own good by our betters in Washington. Krugman

is so self-serious that he lashed out at Jon Stewart,
calling him lazy and accusing him and his sta of a
“lack of professionalism.”
Stewart understood the issue all right: It is
idiotic and destructive. Stewart noted that “we
need to take the U.S. dollar seriously again.” Amen
to that!
Perhaps we should draft Jon Stewart to replace
Federal Reserve Chairman Ben Bernanke, whose
monetary policies are doing immense harm to the
U.S. and global economies.
f
A Nobel Man
BY STEVE FORBES, EDITOR-IN-CHIEF
APRIL 2013 FORBES INDONESIA | 9
UBS APRIL 2013 EDIT.indd 1 3/26/13 8:58 PM
10 | FORBES INDONESIA APRIL 2013
thought leaDers
paul Johnson — current events
The BriTish government’s bill to
make gay marriage legal has already
had serious consequences. It has split
the Conservative Party wide open
and threatens to make its defeat in
the next election, already quite likely,
absolutely certain. It may also have di-
sastrous eects on the churches. An-
glicans, belonging to a church that is
established by law as a national body,
are afraid that if the bill becomes law

any of their clergy who refuse to per-
form a same-sex marriage ceremony
will face criminal prosecution. Law-
yers foresee years of intense argu-
ment, appeals and counter-
appeals
,
accompanied by fat fees, stretching
into the indefinable future.
Once something is legal there’s
nothing to prevent a lobby being
formed by those who participate
in that activity, especially if there’s
money to be made. An important
example of this is the movement to
legalize recreational drugs.
The war on drugs is dicult and
expensive, and there are signs that
it is faltering, with battle lines being
drawn. Many people, particularly in
the entertainment industry, are al-
ready campaigning to legalize a vari-
ety of so-called soft (or recreational)
drugs, such as marijuana. Indeed,
pro-drug lobbies already exist here in
the U.K. and in the U.S.
If society gives way on this, the
consequences will be momentous,
precisely because the profits to be
made from the marketing and selling

of soft drugs will be enormous. There
will be nothing to prevent a large-
scale international corporation being
formed solely to manufacture and
circulate such drugs. Equally, exist-
ing pharmaceutical companies will be
able to enter the trade. The competi-
tion will be fierce, which alone will
drive down prices. The products will
be “improved” and become more al-
luring. In no time supermarkets and
corner shops will be selling marijua-
na, and the term “drugstore” will ac-
quire a new and deadlier meaning.
Vast sums will be spent on pro-
motion, especially among the young.
Equally large amounts of money will
become available to expand the scope
of decriminalization, redefining the
border between soft and hard drugs to
eventually include heroin.
And what of the violent criminal
elements already involved in the
drug trade—the Taliban, which sells
and ships the fruit of the poppy out
of Afghanistan, and the cartels in
South and Central America that run
drugs into Mexico and the U.S.? The
violence surrounding the drug trade
will only escalate.

Another possibility to consider is
that a rogue state, such as North Korea,
will enter the burgeoning drug market.
North Korea’s evil regime survives by
performing tasks no other government
is able or willing to contemplate. For
instance, it has supplied nuclear tech-
nology to other rogue states in contra-
vention of all international law. Both
Syria and Iran have paid North Korea
in gold for its aid in their nuclear ef-
forts. There is no way to stop these
transactions as long as China refuses to
take punitive steps against its former
military and ideological ally.
TIPPING THE BALANCE
Recreational drugs are comparatively
easy for a ruthless and determined
government to grow and/or
manufacture. Supplying these drugs
to Americans is precisely the kind
of prospect that would appeal to the
North Korean leadership. They’ve
always claimed that capitalist
democracies are essentially corrupt
and decadent. This would enable
them to “prove” it,
especially if the
r
elease of vast quantities of cheap

soft drugs into Western cities were
followed by an increase in the supply
and use of hard drugs, as many
experts believe would be inevitable.
China, which has a drug problem
of its own, might be prepared to act
against North Korea in this context.
But it would extract a high price from
the West, which might result in the
balance of power in the Pacific tilting
in China’s favor.
I’ve been discussing possibilities.
But in the world of highly dangerous
drugs, it’s safer to treat possible
outcomes as probabilities. If we allow
this drug use to become legal, we’ll be
embarking on a voyage into horror
with our eyes open.
f
THE WAR ON DRUGS
A DEFINING MOMENT
PAUL JOHNSON, EMINENT BRITISH HISTORIAN AND AUTHOR; DAVID MALPASS, GLOBAL ECONOMIST, PRESIDENT OF ENCIMA GLOBAL LLC; AMITY SHLAES, DIRECTOR, THE 4% GROWTH
PROJECT, GEORGE W. BUSH INSTITUTE; AND LEE KUAN YEW, FORMER PRIME MINISTER OF SING APORE, ROTATE IN WRITING THIS COLUMN. TO SEE PAST CURRENT EVENTS COLUMNS, VISIT
OUR WEBSITE AT WWW.FORBES.COM/CURRENTEVENTS.
APRIL 2013 FORBES INDONESIA | 11
Delivering inFrastructure
raJ kannan
RAJ KANNAN IS THE FOUNDER AND MANAGING DIRECTOR OF TUSK ADVISORY WWW.TUSKADVISORY.COM. HE HAS OVER 20 YEARS OF EXPERIENCE IN TRANSACTING MAJOR INFRASTRUC
TURE PROJECTS AS WELL AS ADVISING AND ASSISTING CORPORATIONS AND GOVERNMENTS IN INFRASTRUCTURE PROJECTS. HE CAN BE CONTACTED AT RAJ.KANNANTUSK.SG
TAKING THE BULL

BY THE HORNS
I
n Indonesia’s realm of in-
frastructure, the role of the
Ministry of Finance (MoF) in
infrastructure delivery has re-
mained somewhat ad hoc. For
years, the market has been hoping for
a more direct involvement from MoF
in infrastructure delivery, in particu-
lar to increase the level of certainty of
the government’s contractual obliga-
tions under a concession agreement.
To its credit, the MoF in recent
years had taken some concrete steps to
improve the certainty of investment in
infrastructure projects by creating in-
stitutions and products that included
the establishment of Indonesia Infra-
structure Guarantee Fund (IIGF), an
agency to guarantee the government’s
contractual obligations under a con-
cession agreement for public private
partnership (PPPs) projects and the
launch of viability gap funding (VGF)
to improve projects’ bankability.
While IIGF is doing a great job
in its role as the extended arm of the
MoF, the implementation of VGF has
somewhat floundered since most proj-

ects seeking VGF have been poorly
prepared and lacked a risk framework
acceptable to the MoF. For these rea-
sons, the MoF is finally taking the pro-
verbial bull by the horns and decided
to establish a public private partner-
ship unit directly under its wings.
This new institutional framework
enables the MoF to assess and vet the
government’s fiscal support much
earlier in the project cycle, via its Risk
Management Unit (RMU). This step
negates the possibility of government
agencies going through the tender pro-
cess that eectively wastes the private
sector’s time—now projects that would
never qualify for government fiscal
support will not reach tender stage.
Part of this new infrastructure de-
livery paradigm is also the increased
recognition that the government must
pay for strategic infrastructure proj-
ects that are not yet fully financially
viable. In my previous column, I al-
luded to a newly proposed procure-
ment concept called a Performance
Based Annuity Scheme (PBAS) that
could likely become a de facto pro-
curement method for government
funding of infrastructure. I am happy

to say PBAS is getting a good hearing.
PBAS, in simple terms, is a PPP
scheme where a government con-
tracting agency (GCA), say a toll road
regulator, seeks proposals from a
private consortium to design, build,
finance and operate a toll road that is
not financially viable but is needed for
its economic importance. However,
to avoid the past problem of the gov-
ernment receiving substandard proj-
ects, a PBAS concession agreement
will stipulate that no payments will be
made until and unless the private sec-
tor delivers the project as agreed.
Once achieved, the GCA will make
annuity payments for the agreed pe-
riod, say 10 years. During the conces-
sion period the project consortium
will also be paid separate fees for op-
erations and maintenance of the toll
road, also subject to performance. No
doubt, a PBAS scheme is a contingent
liability on the government, which is
why its usage must be controlled with
the right risk level—something
that should involve institutions
such as the RMU and IIGF.
From the private sector, the
key success factor for schemes

like PBAS is their ability to
convince investors that they
can complete their projects. Ac-
cordingly, the completion guar-
antees from the consortium’s
contractors become important and the
banks may require the contractors to
joint venture with more capable part-
ners. PBAS may also spur the introduc-
tion of new financing schemes such as
project bonds tied to annuity payments.
In summary, the establishment of
the new PPP unit directly under the
MoF and government schemes like
PBAS are positive news for fixing the
infrastructure gap. I am hopeful that
the new Minister of Finance will
continue to spearhead these reforms.
f
the mof Is fInally taKIng
the proverbIal bull by
the horns and deCIded
to establIsh a publIC
prIvate partnershIp unIt
dIreCtly under Its WIngs.
12 | FORBES INDONESIA APRIL 2013
FORBES INDONESIA
ISSUES & IDEAS
INTREPID mINES
The Tujuh BukiT gold deposit has

reserves possibly around two million
ounces—worth at least $3 billion, along
with significant deposits of silver (80
million ounces) and copper (7 million
ounces). Ownership of that gold mine,
which could become one of the largest
in Indonesia, is at the center of a strug-
gle between two powerful and wealthy
tycoons. The tug-o-war has attracted
lawsuits, investigations, political ma-
neuvering and plenty of controversy.
On one side is the Australia-based and
listed Intrepid Mines and the other
is its former joint venture partner PT
Indo Multi Niaga (IMN).
Into the fray last September
stepped Clayton “Tony” Wenas, 49, as
Intrepid’s executive general manager
for Indonesia. Intrepid chose Tony,
in part, because of his local knowl-
edge and government contacts. We-
nas is currently vice chairman of the
Indonesian Mining Association and a
former executive vice president and
general counsel of PT Freeport. “We
were looking for a prominent resourc-
es business leader who had strong
relationships with various levels of
government and communities,” says
Intrepid’s Chief Executive Brad Gor-

don in emailed comments. “Tony is
right up there with the best.”
Among other tactics, Tony is taking
the battle to the soccer field. This month
he hopes to kick o the company’s first
sponsored soccer event in Banyuwa-
ngi regency, the home of Tujuh Bukit.
Intrepid will pay for a tournament, its
prizes and even the uniforms if needed
by any of the participating teams.
It sounds like a small step, Wenas
admits. But in Indonesia, where rela-
tionships count in business, gestures
like these can make a dierence. “In
Indonesia you have to show people
you care,” says Wenas. Intrepid needs
to win a few hearts and minds. It is
scrambling to raise its profile after
Soccer Diplomacy
Australia’s Intrepid Mines is using soccer
diplomacy and other tactics to regain a stake in
the Tujuh Bukit gold mine, worth billions.
BY JEFFREY HUTTON
Clayton “Tony” Wenas
APRIL 2013 FORBES INDONESIA | 13
“We want to
operate the mine,”
says Wenas. “We
were cheated.
We’re the good

guys in this.”
claiming its joint venture partner IMN
secretly sold out its share to new own-
ers who, in July last year, with the help
of police, forced Intrepid o the devel-
opment in East Java.
In return, last August Intrepid
enlisted the help of media mogul
and potential presidential candidate
Surya Paloh, allocating him 5% of the
company’s shares, which he can sell if
the company’s fortunes improve (he
reportedly also has an option to buy
another 10%). The company is apply-
ing for a local business license and
has asked Indonesian police to help it
regain access to some of its property,
from which it remains locked out.
Aside from a loss of future rev-
enues, Intrepid also stands to lose
nearly A$106 million already spent
over five years through December
2012 developing Tujuh Bukit (also
known as the Seven Hills project). At
present, hopes of winning back Tujuh
Bukit may be fading as the impasse
drags on. In December, Brad and his
chairman, Ian McMaster, said Intrepid
is pursuing IMN through the police,
accusing them of fraud and embezzle-

ment. Intrepid said in a statement to
the Australian stock exchange that
husband and wife Maya Ambarsari
and Reza Nazaruddin transferred 80%
of their company IMN to a subsidiary
called Bumi Sukses Indo with links to
billionaire Edwin Soeryadjaya.
The most recent disclosures show
Maya and Reza are no longer share-
holders of the company which holds
the license to mine Tujuh Bukit. In
an interview with Australian media,
Edwin, while denying any interest in
IMN or Tujuh Bukit, reportedly oered
Intrepid a cut of the mine’s royalties
and what appeared to be a return of the
money spent developing the project.
“We want to operate the mine,”
says Wenas. “We were cheated.
We’re the good guys in this.” IMN
didn’t respond to repeated requests
for interviews. Wenas and Paloh are
trying to win friends where they can.
Toward the end of last year Wenas and
Paloh paid a visit to Banyuwangi for
the opening festivities for the coastal
city’s three-day bicycle race and met
with local leaders. To commemorate
Idul Adha, the Muslim day of sacrifice
last October, when livestock are

slaughtered to distribute meat to the
poor, Wenas had Intrepid deliver six
cows to surrounding villages.
But Intrepid’s and Wenas’s wheel-
ing and dealing may all be too little
too late. The company has lost 90% of
its value since hitting a high in April
2011 around A$2 a share. The current
share price reflects little more than
the A$108 million in cash the compa-
ny has on hand. The company said in
February its loss more than doubled to
A$71.8 million during the 12 months
ended December 31, 2012, compared
with a year earlier.
“Getting Paloh on board, this is stu
they should have down a long time ago,”
says Peter Gray, an analyst with finan-
cial firm Hartley’s in Perth. “It’s been
going on for so long, it’s hard to see how
Intrepid walks away with an interest in
the asset.” Cases like Intrepid’s add to
Indonesia’s risk profile for international
investors. “Considerations of corporate
governance will make Indonesia a hard
sell,” says Bill Sullivan, a lawyer with
law firm Christian Teo Purwono and
partners in Jakarta.
Last year, Canada’s Fraser Insti-
tute’s annual survey of mining com-

panies found Indonesia regulatory
environment had deteriorated for a
fourth consecutive year, ranking ninth
from the bottom as the riskiest place
to explore and mine resources, below
countries such as Niger and Laos.
Under its 2007 agreement with
IMN, Intrepid paid to develop the
mine while IMN managed public and
government relations as well as secur-
ing necessary permits. Once opera-
tional, Intrepid was supposed to reap
80% of the mine’s income. But without
much local presence, the company was
vulnerable—it didn’t even have an of-
fice here until after the July lockout.
“As a foreign investor, don’t give
everything to the local partner. The
foreign investor needs to be involved
in meetings with government ocials
and media,” Wenas says. “Otherwise
they wonder ‘who are you?’ All we
know is IMN.” By Intrepid’s account,
IMN failed to secure a key permit that
allowed foreign companies to operate
domestic mining projects in 2009.
Known as a PMA or Penanaman
Modal Asing, the permit would rec-
ognize foreign ownership of the joint
venture project at Tujuh Bukit. Secur-

ing the PMA was a top priority for
Brad who convened monthly meetings
between the joint venture partners,
according to sources. But even as In-
trepid was shelling out millions every
month, IMN said local issues such as
regional elections and the transition to
a new administration after mid-2010
slowed the approval process.
One way out of the impasse is that
Wenas hints that Intrepid may accept
a lower stake in the project to resolve
the issue, pointing out that under the
agreement Intrepid is entitled to at
least half of Tujuh Bukit. So far, major
shareholders appear to be backing
Intrepid’s current board, if only
because work on the mine is continu-
ing despite the impasse. With plenty of
cash left in reserves Intrepid has
sworn to use it to regain control of
Tujuh Bukit. “I was hired to run a
business,” Wenas says, “But first I have
to be sure I have a business to run.”
F
Surya Paloh Edwin Soeryadjaya
ahmad zamroni / forbes indonesia (2)
14 | FORBES INDONESIA APRIL 2013
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APRIL 2013 FORBES INDONESIA | 15

PRASETYA MULYA APRIL 2013.indd 2 3/20/13 4:53 PM
PRASETYA MULYA APRIL 2013.indd 3 3/20/13 4:53 PM
16 | FORBES INDONESIA APRIL 2013
ISSUES & IDEAS — SOCIAL mEDIA
FORBES INDONESIA
LasT year, jakarTa was engrossed in The gu-
bernatorial election, and most pollsters predicted a reelection
for incumbent Governor Fauzi Bowo. A small startup firm
PoliticaWave, founded only in May, chose to be dierent. Two
weeks before the vote, it announced that former Solo mayor
Joko Widodo (Jokowi) would win the election, a prediction
at odds with the conventional wisdom. As the election went
to a second round, PoliticaWave stuck by its prediction. It
turned to be right as Jokowi won 53% of the vote.
The secret to PoliticWave’s accuracy? “We monitor
social media so we can get insights all the time and this
information is continuously updated,” says Yose Rizal, co-
founder and director at PoliticaWave.
PoliticaWave is a joint venture between two
companies: PT Tridaya, owned by Sony Subrata, and PT
Mediawave, owned by Yose. The pair set up PoliticaWave
to monitor social media related to political issues, and uses
its website to publish its findings. Tridaya is engaged with
government relations while Mediawave monitors social
media for companies.
The pair’s success with Jokowi wasn’t a one-o success.
In the recent gubernatorial election in West Java, Politi-
caWave announced that the incumbent Ahmad Heryawan
and running mate Deddy Mizwar would lead the election
with more than 30% of the vote. The final result published

by the General Elections Commission (KPU) were precisely
Vox Populi Online
PoliticaWave’s Sony Subrata and Yose Rizal have tapped social media
to make more accurate political predictions.
BY SONYA ANGRAINI
Sony Subrata (left)
and Yose Rizal.
APRIL 2013 FORBES INDONESIA | 17
While monitoring social media for political
sentiments is common practice in the U.S. and
other countries, PoliticaWave appears to be the
rst to bring this technique to Indonesia.
in line with that forecast. Now the pair are focusing on the
gubernatorial election in Bali, which will be held in May.
The two originally didn’t think of monitoring social
media for political trends, but then had an insight. “If
we could measure what people think about certain
brands, then why don’t we use it for political issues?” says
President Director Sony. Social media is a powerful way
to gauge public opinion as it spreads ideas that influence
political conditions, he adds.
As many know, Indonesia ranks among the world’s top
five countries in the number of Facebook and Twitter ac-
counts. While monitoring social media for political senti-
ments is common practice in the U.S. and other countries,
PoliticaWave appears to be the first to bring this technique
to Indonesia. It monitors not only Facebook and Twit-
ter, but also blogs, forums and other online outlets. Unlike
polls, where respondents may not openly speak, people
are usually quite vocal on social media. “People speak their

minds through this media with great candor,” says Yose.
To measure social media, the pair have developed
tools to rank sentiment, such as how comments are posi-
tive or negative on a candidate. Another challenge in
monitoring social media is to find the right keywords.
“Keywords need to be continuously up-
dated,” says Yose, adding that many use
slang, dialects and languages other than
Bahasa Indonesia. Yose also says one has
to dierentiate between machine-gen-
erated tweets and real ones. “Campaign
managers often use automatic tweets to
increase their tweet amounts. We con-
sider this spam, so we exclude them from
our consideration,” he explains. Anoth-
er challenge is to determine hype from
genuine tweets. “People sometimes send
sensational tweets just to attract follow-
ers. Because of this, many think that our
results are not credible,” says Sony. “But
we do consider these accounts because
we can track their followers and analyze
their opinions.” They have also devel-
oped detailed profiles of various politi-
cians, which are available on the Politi-
caWave website.
Yose says social media is being used
by a wide cross section of the population,
but for now many who are active in social
media are usually educated, and often

from higher income levels. These people
will likely talk about their opinions as
well in their groups, so there will be
amplification, he adds. Sony adds that
even a small percentage of the population using social
media can generate plenty of good data points to analyze.
If, for instance, Internet users are only 10% out of a million
people, that means PoliticaWave has 100,000 samples, Sony
explains. These samples generate much higher numbers
compared to one-on-one surveys, which usually have at
1,000 samples. “We may not have clear identification of the
respondents but the amount of opinion is so big that it can’t
be ignored,” says Sony.
Going forward, PoliticaWave will update its system.
“Now, we can only read results of what is currently
happening. Next, we want to see where the trend is going,”
says Yose. It also plans to provide information for corporate
clients related to political issues in Indonesia and analyze
how this will aect business conditions in Indonesia. It
also plans to provide services for other institutions such as
the Corruption Eradication Commission (KPK) or the
House of Representatives to help them understand the
importance of social media so they can use it as a way to
communicate. “People misunderstand these institutions
and it’s time for them to change that image. Social media is
one way to do so, but if they don’t understand social media,
they won’t be able to do it,” says Sony.
F
PoliticaWave predicted Joko Widodo’s winning in Jakarta’s gubernatorial election, two
weeks before the vote by analyzing social media.

ahmad zamroni / forbes indonesia (left page), afp / getty images
18 | FORBES INDONESIA APRIL 2013
fRESh ThOUghT
TAUfIk DARUSmAN
dip their fingers into the state coers
when no one is looking. As they see it,
no longer is a public ocials’ integ-
rity intrinsic and a given; it must be
questioned along with their academic
background and management skills.
Of course, high-level government
corruption exists all over the world,
even in advanced countries. But what
seems to set Indonesia apart is the in-
credible level of greed in some, if not
most, in high and even low govern-
ment echelons. So it’s not enough, for
example, for a low level tax ocial
as Gayus Tambunan to help himself
to a couple of billions, as is the norm
among ocials in his department. He
had to amass about Rp 74 billion be-
fore the law caught up with him.
By the same token, senior Indo-
nesian police ocial Djoko Susilo
just couldn’t be happy with a house
or two and several plots of lands in
his hometown in Central Java, not to
mention three gas stations and a num-
ber of tourist buses. No mean feat for

someone whose monthly salary is Rp
30 million. He also has apartments in
Australia and Singapore, all of which
the antigraft body KPK alleges could
only have been purchased with funds
acquired by illegal means. And this
involves a person who had sought a
career as a crimebuster.
So how to describe survey respon-
dents who want the nation led by an
“honest and pro-people” ocials?
Hopeless romantics? Unrealistic opti-
mists? Well, perhaps. In the meantime
ordinary people express their disgust
over corruption by using murals and
wall posters to deliver their message.
“God, hopefully my parents are not
corrupt,” depicts one mural in Central
Jakarta, while not far away a poster
says: “I do not wish to have a corrupt
person as my husband.”
Even today the words of the late
prominent Muslim scholar Nurcholish
Madjid still resonates strongly among
the country’s intelligentsia: How do you
reconcile Indonesia as a country with
the world’s largest Muslim population
with it being one of the most corrupt?
No one seems to know or even dare to
seek the answer, as we often find hard

truths dicult to accept.
F
A
recent nationwide sur-
vey says that 47% of
respondents want an
“honest and pro-peo-
ple” person at the helm
of the nation, as opposed to the 1%
who prefer an “intelligent” or the 7%
for a “religious” president. The sur-
vey, conducted by Pusat Data Ber-
satu (PDB, or Center of United Data),
also shows that respondents care less
about the nation’s future leader’s eth-
nic, civilian or military background.
The survey reflects a significant
paradigm shift within our society. For
only a few months ago many surveys
say most respondents prefer a “firm”
leader more than anything else, the
public’s allusion to their weariness of
what it sees as indecisiveness in the
current national leadership.
The survey seems to suggest
that the so-called “Jokowi eect” is
beginning to kick in. Jakarta Governor
Joko Widodo’s (Jokowi) transparent
and pro-people management style
has not only made him a local hero

of sorts; it has also made him the
standard against which government
leaders are measured. For now, the
prevailing conventional wisdom on
leadership here seems to be that
integrity and strong connectivity to
the people matter most.
With daily media coverage on
high-level corruption and on politi-
cians looking much more after their
own welfare rather than that of the
people, it is no surprise that the
public prefer integrity over intelli-
gence in their leaders. By this logic,
it makes no sense having intelligent
people governing the country if they
HARD TRUTH
TAUFIK DARUSMAN IS ONE OF INDONESIA’S MOST EXPERIENCED JOURNALISTS. HE HAS HELD CHIEF EDITOR ROLES AT Business Week indonesia AND investor MAGAZINES,
AND the indonesian oBserver NEWSPAPER.
HIGHLEVEL GOVERNMENT CORRUPTION EXISTS
ALL OVER THE WORLD, EVEN IN ADVANCED
COUNTRIES. BUT WHAT SEEMS TO SET INDONESIA
APART IS THE INCREDIBLE LEVEL OF GREED.
APRIL 2013 FORBES INDONESIA | 19
REALITy ChECk
JAmES kALLmAN
ironically the U.K. is the world
leader in CCTV cameras per capita—
with people quite willing to divulge
personal data online. Moreover, in

addition to voluntary submission of
personal data, detailed profiles are
built up as websites stealthily trace
our tracks across the web.
With all that data out there, it’s
hardly surprising that it has been
investors rather than governments
who have been the first to recognize
the tremendous value of these assets.
The valuation of the likes of Facebook,
Google or Amazon, for instance, are
hard to defend unless one takes into
account these intangible but very real
data assets that don’t appear in books.
However, there have been
stirrings of late and the European
Union launched an initial foray
into the matter of web privacy by
introduction of the EU Cookie Law,
which came into eect last May
and requires websites to request
permission from the user before
planting certain cookies on the user’s
machine. This law seems unlikely to
have much eect, as the wording is
somewhat ambiguous and most just
click their acceptance.
Since then, however, a report was
put out in mid-January at the behest
of the French government, which

raised the idea of taxing the collection
of personal data by Internet firms.
One can appreciate their desire,
as some $2 billion of Google’s $30
billion advertising revenue each year
originates in France, and the French
Treasury receives precious little in
the way of tax revenue.
The belief is growing that per-
sonal data is the fuel for the digital
economy, backed by the number of
businesses being built on the promise
of mining and exploiting ever more
detailed personal data. Given this,
there could be further investigation
into possible ways of taxing the min-
ing of personal data in an appropriate
manner. One suspects, however, that
this step will require international co-
operation, not least in the revision of
accounting standards.
It does appear that the gloves are
o, however, with Google being
threatened with punitive action by
the data protection services of the 27
EU countries should it fail to make
changes to the new privacy policy it
implemented last year. At the end of
the day, though, it all comes down to
how much the individual is prepared

to pay for their privacy.
F
“Civilization works only if those who
enjoy its benefits are also prepared to
pay their share of the costs.”
I
can’t claim credit for the
quote, which came from a re-
cent feature on tax evasion in
the Economist, but it is timely
considering that I was just
working on preparing my annual tax
filing. This quote can be tied to anoth-
er gem I came across, that each day
we are bombarded with as much data
as our ancestors just five centuries
ago received in their whole lifetime.
How much of this is actually neces-
sary for us to lead productive lives may
be debatable, but there can be no doubt
that data is big business nowadays.
The question to be asked, though, is: to
whom does this data actually belong
and do those who enjoy its benefits pay
their share of the costs?
Take social media, for instance.
Nothing has so rapidly empowered
the right of the individual to speak out
and enjoy free speech. Yet this does
not always come without cost, as for

some the use of social media may ex-
pose them to persecution in their own
land, as not all of the world’s citizens
enjoy the same freedom of expression
as in the U.S. and other nations.
Even in more enlightened coun-
tries, however, free speech comes at the
cost of loss of privacy, such as the buzz
of my handphone interrupting a relax-
ing evening with my family. So from
that side of things, I’m certainly paying
for the convenience it aords me.
Nevertheless, we are increasingly
living in an Orwellian world as far
as personal privacy is concerned—
PAYING FOR PRIVACY
JAMES S. KALLMAN IS A SENIOR PARTNER OF GLOBAL ACCOUNTING AND CONSULTING FIRM, MAZARS. A 30YEAR VETERAN OF EMERGING MARKETS, JAMES IS ALSO THE
PARTNERINCHARGE OF MAZARS’ GLOBAL EMERGING MARKETS PRACTICE.
THE BELIEF IS GROWING
THAT PERSONAL DATA
IS THE FUEL FOR THE
DIGITAL ECONOMY.
20 | FORBES INDONESIA APRIL 2013
gLObAL vIEwPOINT
JENNIE S. bEv
this trend. The former is now multina-
tional corporations’ favorite destina-
tion for oshore call centers, while the
latter is for oshore IT desks.
Resource scarcity is another seri-

ous issue to tackle. As more stresses
are placed on the globe’s megacities,
resource scarcity will be more preva-
lent. Increased demand for food, water,
energy, land and natural resources has
been exponentially amplified in an un-
precedented manner. Since 2002, tech-
nological advancement and human
inventiveness is fighting a losing battle
with the law of diminishing returns.
According to forecasts by the IMF
and the World Bank, Asia’s economic
output will be sixfold of today’s, from
$30 trillion to $230 trillion by 2050.
Such an increase in GDP per capita
would impose more stress on global
resources due to intense consumer
consumption. The U.S. Food and
Agriculture Organization also predicts
a 40% deficit between water supply
and demand by 2030.
The third trend is the extreme cli-
mate change that results in a negative
impact on many planetary conditions,
including ocean chemistry, air qual-
ity and climate. The oceans are being
acidified with the nitrogen and phos-
phorus elements in food fertilizers
leaking into bodies of water. Increased
number of automobiles results in in-

creased air pollutants. By 2050, there
will be 3 billion cars worldwide.
Recent worldwide severe winter
storms, for instance, might be caused
by Arctic warming that has shifted
wind patterns. Extreme climate
changes would cause increased food
prices and conflicts as communities
and countries battle for access to
shifting areas of arable land.
Many economists believe that
the world economy isn’t a zero-sum
game because the total sum is much
greater than its parts. However, it is
more realistic to calculate not merely
the present measurable production,
but also the social debts incurring in
the future.
F
This column is the first of two parts, the
second will appear in the May issue.
L
iving in a modern society
involves risks and some
are bigger than others.
In 2020, the world shall
encounter an important
milestone: make it or break it. Accord-
ing to economist Thierry Malleret, by
that year the six global megatrends

will be engendering worldwide in-
stability: unfavorable demographics,
resource scarcity, climate change, geo-
political rebalancing, indebtedness and
fiscal issues, and rising inequalities.
The world population is aging. In
developed and certain Asian countries,
the birth rate is falling. Of course, In-
donesia isn’t included, which is both
a pro and a con. Approximately 4 mil-
lion are born in Indonesia annually,
which is almost the size of Singapore.
Singapore itself is losing population
rapidly, which it attempts to oset
with encouraging immigration poli-
cies and supportive “pro baby” taxa-
tion provisions.
Japan’s labor force started to
shrink in the 1980s, while South Korea
and Taiwan will be losing population
within 15 years. If Indonesia can man-
age its population well with meaning-
ful social and vocational developments,
it has an unprecedented opportunity
to penetrate various job markets in
Asia and, even, worldwide. The trend
of elite “national plus” bilingual and
trilingual K-12 schools is a good start
in cultivating young leaders with an
international attitude. The Philippines

and India have been capitalizing on
2020 MEGATRENDS
AND INDONESIA
IF INDONESIA CAN MANAGE ITS POPULATION
WELL WITH MEANINGFUL SOCIAL AND
VOCATIONAL DEVELOPMENTS, IT HAS AN
UNPRECEDENTED OPPORTUNITY TO PENETRATE
VARIOUS JOB MARKETS IN ASIA.
JENNIE S. BEV IS AN AWARDWINNING AUTHOR, COLUMNIST, AND ENTREPRENEUR BASED IN NORTHERN CALIFORNIA.
APRIL 2013 FORBES INDONESIA | 21
gUEST COLUmN
ERIC LASCELLES
when the global economy is suering
a tepid recovery. As such, it is useful to
evaluate what could go wrong.
Some threats emanate from out-
side the country. Take the possibility
of a sharp decline in commodity pric-
es. Despite the consolation prize of a
suddenly aordable energy subsidies,
Indonesia would nonetheless reel if
the lower commodity prices persisted
for an extended period. A dispropor-
tionate share of growth over the past
several years has been on the wings
of rising commodity prices. Indonesia
could easily find itself growing at just
4% per year instead of the customary
6% if conditions worsen.
Even more alarming would be a

Chinese hard landing. However, this
risk appears small: by all accounts,
China has managed a soft landing to
healthier levels of growth. But China
has plenty of other issues, such as ex-
cessive local government debt. If any
of these issues were to metastasize,
a Chinese hard landing would cast
shrapnel across all of Asia, most tan-
gibly impacting Indonesian exports
and global commodity prices and also
potentially undermining financial con-
ditions and confidence. If there is a
scenario that could take
Indonesia (and the rest
of Asia) back to the mis-
ery of 1998, this is it.
Other risks are do-
mestic in nature, and
within Indonesia’s con-
trol. Inflation is a distinct
risk at a time when the
unemployment rate is at an all-time
low, the current account has dipped
into deficit, minimum wages are ris-
ing quickly and credit is expanding
at a heady pace. Alternately, foreign
investment could prove flighty given
recent protectionist actions in the
mining sector. Indonesia is at risk of

succumbing to the “resource curse”
that turns resource wealth into a mill-
stone around the neck of many de-
veloping nations.
To be clear, none of these risks are
currently likely, and Indonesia’s
prospects remain quite promising. But
the country that neglects to acknow-
ledge its vulnerabilities is the one at
greatest risk of suering from them.
F
I
was recently in Jakarta to
speak at an economic summit
on the potential threats to
Indonesia’s economy. This
proved to be a surprisingly
dicult exercise, as Indonesia has
done much to shield itself from
trouble. To its considerable credit,
Indonesia has managed a remarkable
combination of smooth yet rapid
economic growth for several years,
regularly outpacing its neighbors.
Indonesia has nimbly deflected
any number of threats over the past
15 years. The global crisis of 2008 was
little more than a blip, despite a drop-
o in global demand and commodity
prices. A key source of Indonesia’s

resilience is the flexibility aorded
by a rock-bottom public debt load,
paired with sizeable foreign exchange
reserves. Each is the product of 15
years of fiscal discipline.
A second source of stability is the
diversity of Indonesia’s economy. The
nation’s generous endowment of nat-
ural resources and substantial manu-
facturing sector provide important o-
sets to one another. A large consumer
base provides a more generalized
anchor of stability. Finally, Indonesia’s
relatively small trade orientation of-
fers insulation against foreign shocks.
Of course, Indonesia has taken
some hard lumps. The 1996 Asian
financial crisis still looms large in
the country’s psyche, and avoiding a
repeat of this experience demands
constant vigilance. The margin for
error is particularly small at a time
LOOKING FOR TROUBLE
IN INDONESIA
ERIC LASCELLES IS THE CHIEF ECONOMIST FOR RBC GLOBAL ASSET MANAGEMENT AND SPEAKS ON ECONOMIC TOPICS TO AUDIENCES AROUND THE WORLD.
TO ITS CONSIDERABLE CREDIT,
INDONESIA HAS MANAGED A
REMARKABLE COMBINATION OF
SMOOTH YET RAPID ECONOMIC
GROWTH FOR SEVERAL YEARS.

22 | FORBES INDONESIA APRIL 2013 APRIL 2013 FORBES INDONESIA | 22
10
It was no easy
task to narrow our
choice to these
women—yet the
goal was to provide
selected examples
of role models.
These 10 women
have succeeded in
various endeavors,
and represent
a diversity of
backgrounds. They
show how women
can and do have
a major impact in
whatever is their
chosen profession
or passion. For good
measure, we have
included another 10
on our honor roll.
Regardless of your
gender, it is hoped
that all on these
lists can be a source
of inspiration.
Indonesia

SMAILING TOUR APRIL 2013 EDIT 1 3/11/13 6:25 PM