Majority Owner of Indonesia’s Biggest Bank Dies
One of Indonesia’s wealthiest individuals, who is the majority shareholder of the nation’s biggest bank, has passed away at the age of 86.
Michael Bambang Hartono died at the age of 86 on Thursday in a hospital in Singapore, according to a statement by Djarum Group, an Indonesian conglomerate controlled by him and his brother Robert Budi Hartono.
When combined, the two brothers are the richest family in Indonesia with a net worth of $38.5 billion, according to Forbes.
The Djarum company was founded by Hartono's father Oei Wie Gwan in 1951 and after passing on the business to the next generation, it would be built into one of Indonesia's largest makers of clove cigarettes. The group would later diversify into various other areas including finance, where the Hartono brothers are the majority shareholders of Bank Central Asia (BCA), Indonesia's biggest lender.
«With deep sorrow, the extended family of PT Djarum announces the passing of one of our company’s leaders, Michael Bambang Hartono,» the statement said. »We extend our gratitude for his dedication and service.»
