The third richest person in Indonesia dies at age 98

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Eka Tjipta Widjaja, the founder of Sinar Mas Group, one of the largest conglomerates of Indonesia, has pbaded away.

Widjaja died peacefully at home at the age of 98, according to a declaration Gandi Sulistiyanto, General Manager of Sinar Mas Group. Due to his advanced age, Widjaja's state of health would have deteriorated.

Widjaja was the third richest person in Indonesia with an estimated fortune of $ 8.6 billion. A former immigrant from China, he founded Sinar Mars in 1962 and joined a conglomerate with interests in the paper, agri-food, real estate, financial services and consumer goods sectors. telecommunications, employing about 380,000 people.

Born in Fujian Province under the name of Oei Ek Tjhong, he moved to Indonesia at the age of 7 and started as an entrepreneur selling biscuits and sweets on his bike in the city of Makbadar on Indonesian island of Sulawesi at the age of 15 years.

In the 1930s he created a trading company in Makbadar, specializing in palm oil and other commodities. Over the next eight decades, Widjaja built its trading empire during a period from the Dutch colonial era to the Japanese occupation of World War II, at the beginning of the country's independence and reign. Presidents Sukarno and Suharto.

The success of commodities prompted Widjaja to diversify by acquiring its first pulp and paper mill in 1972 and creating a real estate business in the same year. Its expansion into financial services took place 10 years later.

Widjaja had to overcome many setbacks along the way, especially in the years following the Asian financial crisis of 1998. Asia Pulp & Paper defaulted on its $ 14 billion debt in 2001, resulting in a long legal battle with international investors.

He was able to recover from the worst failure of Asian companies due to the super-cycle of commodities that allowed the group to develop using internal resources rather than returning to international financial markets for financing.

The various businesses in Widjaja are now run by his children and grandchildren. His son Franky heads the giant Golden Agri-Resources palm oil, while his son Oei Hong Leong manages its own investments from Singapore.

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Eka Tjipta Widjaja, founder of the Sinar Mas Group, one of Indonesia's largest conglomerates, has died.

Widjaja died peacefully at home at the age of 98, according to a statement from Sinar Mas Group General Manager Gandi Sulistiyanto. Due to his advanced age, Widjaja's state of health would have deteriorated.

Widjaja was the third richest person in Indonesia with an estimated fortune of $ 8.6 billion. A former immigrant from China, he founded Sinar Mars in 1962 and joined a conglomerate with interests in the paper, agri-food, real estate, financial services and consumer goods sectors. telecommunications, employing about 380,000 people.

Born in Fujian Province under the name of Oei Ek Tjhong, he moved to Indonesia at the age of 7 and started as an entrepreneur selling biscuits and sweets on his bike in the city of Makbadar on Indonesian island of Sulawesi at the age of 15 years.

In the 1930s he created a trading company in Makbadar, specializing in palm oil and other commodities. Over the next eight decades, Widjaja built its trading empire during a period from the Dutch colonial era to the Japanese occupation of World War II, at the beginning of the country's independence and reign. Presidents Sukarno and Suharto.

The success of commodities prompted Widjaja to diversify by acquiring its first pulp and paper mill in 1972 and creating a real estate business in the same year. Its expansion into financial services took place 10 years later.

Widjaja had to overcome many setbacks along the way, especially in the years following the Asian financial crisis of 1998. Asia Pulp & Paper, of the New York-listed group, failed to pay its debt of 14 billion USD in 2001, which resulted in a prolonged legal battle with investors.

He was able to recover from the worst failure of Asian companies due to the super-cycle of commodities that allowed the group to develop using internal resources rather than returning to international financial markets for financing.

The various businesses in Widjaja are now run by his children and grandchildren. His son Franky heads Golden Agri-Resources oil palm giant, while his son Oei Hong Leong manages his own investments from Singapore.