TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search results
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search resultsDjarum owner Michael Hartono dies at 86
Michael, an Indonesian of Chinese descent born in Kudus, Central Java, in 1939, jointly owned the Djarum Group with his brother Robert Budi Hartono, both sons of Djarum founder Oei Wie Gwan. Their father established the company in 1951 with just 10 employees, and it grew into one of the world’s largest clove cigarette firms with tens of thousands of workers.
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
Indonesian billionaire Michael Bambang Hartono speaks during an interview about the 2018 Asian Games bridge competition in Jakarta on Aug. 21, 2018. (Reuters/Willy Kurniawan)
Michael Bambang Hartono, co-owner of Indonesia’s tobacco giant Djarum Group, has died at the age of 86 in Singapore.
Djarum Group spokesperson Budi Darmawan confirmed that the tycoon passed away at 1.15 p.m. Singapore time. No information about the funeral arrangements has been provided as of yet.
“The extended family of PT Djarum expresses its deepest condolences on the passing of our leader, Pak Michael Bambang Hartono,” Budi was quoted as saying by Detik.com.
Michael, an Indonesian of Chinese descent born in Kudus, Central Java, in 1939, jointly owned the Djarum Group with his brother Robert Budi Hartono, both sons of Djarum founder Oei Wie Gwan. Their father established the company in 1951 with just 10 employees, and it grew into one of the world’s largest clove cigarette firms with tens of thousands of workers.
As a result, Michael ranked fourth on Forbes’ list of the richest people in Indonesia as of March 1, and 149th in the world, with a net worth of US$18.9 billion, while his brother ranked third with $19.6 billion.
After Indonesia’s Asian financial crisis in the late 1990s, the Hartono brothers entered the country’s financial sector by acquiring a controlling stake in Bank Central Asia (BCA), now Indonesia’s largest private lender.
Aside from that, the family has also expanded its business into electronics through Polytron, as well as into property and plantations.
