TEMPO.CO, Jakarta - Forbes magazine has released a list of Indonesia’s 50 richest people this year. Lippo Group tycoon Mochtar Riady ranks 12th in the list with total wealth of US$2.2 billion, or equal to Rp31.9 trillion.
Mocthar Riady is the mastermind behind Lippo Group—a conglomerate with total revenue of US$8 billion. Mocthar’s children, James and Stephen Riady, are now the ones calling the shots in the group’s operations.
Lippo Group presently operates in the real estate, retail, health, media and education sectors. In October 2018, the group’s shares in the real estate business tumbled following alleged bribery in its Meikarta township project.
“Lippo’s shares slipped in light of the alleged bribery in the US$21 billion Meikarta project linked to Riady in October 2018. Lippo has dismissed the allegations,” according to a Forbes release dated Thursday, December 13, 2018.
The Corruption Eradication Commission (KPK) has been looking into the case. Lippo Group CEO James Riady said when meeting a KPK summons that he once met Bekasi Regent Neneng Hasanah Yasin—a suspect in the case—in late 2017. James, however, said the meeting was not related to any business or project.
“There was no discussion whatsoever on any permit or business with her,” James said after being questioned at the KPK headquarters in Jakarta on Thursday, October 30, 2018.