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JAKARTA – Eka Tjipta Widjaja, founder of one of Indonesia's largest conglomerates, died at age 97, according to local media reports.
According to Forbes, Widjaja was the third richest person in Indonesia, with a net worth of $ 8.6 billion, thanks to his participation in the Sinar Mas group.
Born in China, he moved to Makbadar, South Sulawesi, at the age of nine. As a teenager, he helped his family make ends meet by selling cookies.
After quickly enjoying success in commodity trading, he later founded Sinar Mas, a real estate conglomerate in the paper sector. Widjaja had long been out of place and the group is currently led by her children and grandchildren.
Eka Tjipta Widjaja, founder of the Indonesian conglomerate Sinar Mas Group, in an undated photo.
The group has interests in various industries, but is best known for Asia Pulp & Paper, or APP, one of the largest pulp and paper companies in the world, as well as for Golden Agri-Resources, one of the largest producers in the world. Singapore, palm oil.
Sinar Mas is also active in the real estate sector – Bumi Serpong Damai, listed in Indonesia, is the largest real estate developer in the country in terms of market value – and holds stakes in the financial sector as well as in the energy sectors and mines.
The group has not been without controversy in recent years. The paper and palm oil sectors are facing environmental damage charges, while the $ 14 billion PPA default in 2001 was one of the largest in Asia.
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