We’ve already chronicled the plunging net worths of American and Indian billionaires. Now, Indonesian money men, including the country’s chief welfare minister who’s already under pressure to repay his debts, have lost sizable chunks of their fortune.
Thomson Financial News via Forbes: Aburizal Bakrie, the Indonesian cabinet minister whose business empire is under pressure to repay huge debts, has been knocked off the top slot in the country’s rich list, Forbes magazine said on Thursday.
Bakrie’s net worth plunged more than 80 per cent to $850 million this year from $5.4 billion in 2007, the magazine reported.
The combined net worth of the 40 richest Indonesians fell to about $21 billion, from $40 billion a year ago, due to a slump in stocks and a sharp fall in commodity prices.
The Bakrie group, which has interests in coal, plantations, property and telecoms, fell in value as investors panicked about the group’s ability to repay debts of $1.2 billion amid a global credit crunch and plunge in commodity prices.