Michael Bambang Hartono

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Michael Hartono
Born
Michael Bambang Hartono

(1939-10-02) 2 October 1939 (age 80)
Kudus, Central Java, Indonesia
NationalityIndonesian
Alma materDiponegoro University
OccupationCo-owner of Djarum and BCA
Net worth$10.7 billion (October 2018)[1]
Children4
Parent(s)Oei Wie Gwan
Goei Tjoe Nio
RelativesRobert Budi Hartono (brother)
Michael Bambang Hartono
Traditional Chinese[2]
Simplified Chinese
Medal record
Mixed Group Contract Bridge
Representing  Indonesia
Asian Games
Bronze medal – third place 2018 Jakarta Supermixed team

Michael Bambang Hartono (born 2 October 1939 in Kudus, Central Java), also known as Oei Hwie Siong, is a Chinese Indonesian billionaire heir and businessman.

Michael and his brother Robert Budi are the owners of kretek (clove cigarette) manufacturer Djarum, which they inherited from their father Oei Wie Gwan upon his death in 1963. Growing the business to a large conglomerate including Bank Central Asia, electronics, plantations and various properties, they became the richest in the country with Michael himself having a net worth in excess of $10 billion.

Early life[edit]

Michael Hartono was born on 2 October 1939 in the town of Kudus, in Central Java.[3] His father, Oei Wie Gwan, had purchased a small Kretek cigarette factory called Djarum Gramophon (lit: Gramophone needle) in April 1951, and renamed it to just Djarum. In 1963, however, the factory burned down and shortly thereafter Oie Wie died, leaving Michael and his younger brother Robert Budi Hartono to inherit the factory.[4][5]

After completing his highschool in Kudus, Michael studied in the faculty of economics and business at Diponegoro University starting 1959, but returned to Kudus upon his father's death.[3][6][7]

Career[edit]

The cigarette company grew under the two brothers, making its first export in 1972 and introducing new products.[4] Today, the cigarette brand is one of the largest in Indonesia, with a 19 percent market share in 2012.[8][1] As the cigarette business continued to grow, the group began expanding to other fields, founding an electronics brand Polytron in 1975.[9] The group also expanded into businesses like palm oil, papermaking and communication towers.[10][11]

Starting their entry into the banking business through Haga Bank and Hagakita Bank,[12] the brothers under the Mauritius-registered corporation FarIndo Investments in a consortium with Farallon Capital took over 51.15% of Bank Central Asia in 2002, defeating other bidders despite making a lower offer.[13] While initially only holding less than 10% stake in the consortium, Djarum held a 92.18% stake in the consortium by 2006, though the Haga and Hagakita Banks were sold to Rabobank.[14][15] After a Rp 3.45 trillion deal with UBS in 2010, the brothers controlled a majority of the company's shares.[16]

The shares were transferred to an Indonesian holding company PT Dwimuria Investama Andalan in 2016 during a tax amnesty program.[17] As of September 2017, the company was jointly held by Michael and Robert, and possessed a 54.94% stake in BCA.[18]

Aside from the aforementioned businesses, the Djarum group also controls several shopping malls and buildings in Jakarta, including Grand Indonesia,[10] Hotel Indonesia and BCA Tower.[8]

According to Forbes, Hartono has a net worth of $18.5 billion, as of September 2019, making him the 56th richest person in the world.[1] He and his brother – who was also listed slightly above him at 69th[19] – were named as the richest Indonesians in 2017, the 9th year in a row they were listed as such.[20]

His company is also active in internet ventures, controlling e-commerce website Blibli.com and one of Indonesia's largest online communities Kaskus.[21]

Personal life[edit]

He lives in Kudus, Indonesia and is married to Widowati Hartono. The couple has four children.[1][22]

Bridge[edit]

Bambang is a bridge player. In an interview, he said that "bridge is how you train yourself in making good decisions and risk-taking" and that his uncle introduced him to the game during the Japanese occupation of Indonesia.[23] A major supporter of the sport in the country and president of the South East Asia Bridge Federation, he received an award from the World Bridge Federation in 2017 for his support in making bridge a category in the Asian Games.[24]

He represented Indonesia at the Asian Games 2018 in bridge, winning a bronze medal with his team at the Supermixed team event hence making him the oldest Indonesian Asian Games medal winner.[23][25][26] He was the oldest athlete in the Indonesian contingent, though several other non-Indonesian bridge players were older.[27] He had also participated in other competitions abroad, in one case self-admittedly falling asleep during a finals match due to drinking wine beforehand.[23]

He was part of the Indonesian teams which won bronze medals in the 2008 World Bridge Games in Beijing, the 2009 World Team Championships in Sao Paulo, and the 2010 World Series Championships in Philadelphia.[28]

References[edit]

  1. ^ a b c d "Forbes profile: Michael Hartono". Forbes. Retrieved 6 October 2018.
  2. ^ "2016年05月09日 - 針記首席運營長黃志勝澄清‧黃家泉州無祖屋 - 國內 - 頭條新聞 - 印尼".
  3. ^ a b "Michael Hartono". tirto.id (in Indonesian). Retrieved 29 August 2018.
  4. ^ a b Putra, Idris Rusadi (1 February 2014). "Kisah Hartono bersaudara membangun kerajaan bisnis Djarum" (in Indonesian).
  5. ^ "History of Djarum". Djarum.
  6. ^ Puspitarini, Margaret (22 March 2012). "FEB Undip Beri Penghargaan untuk Alumni : Okezone News". Okezone (in Indonesian). Retrieved 29 August 2018.
  7. ^ Setyautama 2008, p. 264.
  8. ^ a b Suhendra, Zulfi (7 December 2015). "Mengenal Duo Hartono, Orang Paling Kaya di Indonesia". liputan6 (in Indonesian). Retrieved 29 August 2018.
  9. ^ Suryadi, Dede (30 March 2016). "Empat Dekade Kiprah Polytron". SWA (in Indonesian). Retrieved 29 August 2018.
  10. ^ a b "Ini Bisnis Sampingan Grup Djarum di Luar Rokok". KOMPAS (in Indonesian). 10 April 2015. Retrieved 29 August 2018.
  11. ^ Suhartono, Harry (11 April 2018). "Indonesian Billionaire Brothers Are Turning Their Focus on Telecom". Bloomberg. Retrieved 31 August 2018.
  12. ^ Atmanto, Irwan Andri; Firdaus, Haris (1 April 2011). "Imperium Bisnis Keluarga Hartono". Gatra (in Indonesian). Retrieved 29 August 2018.
  13. ^ "'Masters of the universe' behind BCA sale". CNN. 20 March 2002. Retrieved 29 August 2018.
  14. ^ "Thomas Lembong yang Diangkat Jadi Menteri Perdagangan Pernah "Beli" BCA". Bareksa (in Indonesian). 12 August 2015. Retrieved 29 August 2018.
  15. ^ "Lepas Bank Haga & Hagakita, Bos Djarum Kuasai BCA". Detik (in Indonesian). 16 January 2007. Retrieved 29 August 2018.
  16. ^ "Beli Saham Rp 3,45 Triliun, Orang Terkaya RI Kuasai Mayoritas BCA". Detik (in Indonesian). 21 December 2010. Retrieved 29 August 2018.
  17. ^ Afriyadi, Achmad Dwi (15 November 2016). "47,15 Persen Saham BCA Pindah Tangan". liputan6.com (in Indonesian). Retrieved 29 August 2018.
  18. ^ "Pemegang Saham PT Bank Central Asia Tbk (BCA) per 30 September 2017" (in Indonesian). Bank Central Asia. Retrieved 29 August 2018.
  19. ^ "#69 R. Budi Hartono". Forbes. Retrieved 29 August 2018.
  20. ^ Suhendra, Zulfi (6 December 2017). "Budi dan Michael Hartono Jadi Orang Terkaya RI Selama 9 Tahun". Detik (in Indonesian). Retrieved 29 August 2018.
  21. ^ "Robert Hartono, 75 and Michael Hartono, 76". Jakarta Globe. 1 July 2016. Retrieved 29 August 2018.
  22. ^ Kertiyasa, Martin Bagya (3 December 2016). "HOT SHOT: Budi Hartono, 8 Tahun Jadi Orang Paling Kaya di Indonesia". Okezone (in Indonesian). Retrieved 29 August 2018.
  23. ^ a b c Sipatuhar, Tassia (23 August 2018). "Cigarette Billionaire Quits Wine in Pursuit of Asian Gold Medal". Bloomberg. Retrieved 29 August 2018.
  24. ^ "APBF 60th Anniversary". World Bridge Federation. Retrieved 29 August 2018.
  25. ^ Yadika, Bawono (23 August 2018). "Ternyata Bos Djarum, Sosok yang Majukan Bridge di Indonesia". liputan6.com (in Indonesian). Retrieved 29 August 2018.
  26. ^ "Asian Games 2018: 'Persistent' Indonesian billionaire wins bridge bronze aged 78". BBC Sport. 28 August 2018. Retrieved 29 August 2018.
  27. ^ "Meet The Billionaire Bridge Player Who Holds All The Cards". NDTV. 28 August 2018. Retrieved 29 August 2018.
  28. ^ "Person | Michael Bambang Hartono". World Bridge Federation. Retrieved 27 April 2019.

External links[edit]

  • Setyautama, Sam (2008). Mihardja, Suma (ed.). Tokoh-Tokoh Etnis Tionghoa di Indonesia [Ethnic Chinese Personalities in Indonesia] (in Indonesian). Jakarta: Kepustakaan Populer Gramedia. ISBN 978-979-9101-25-9.
  • Suryadinata, Leo (1995). Prominent Indonesian Chinese: Biographical Sketches (3rd ed.). Singapore: Institute of Southeast Asian Studies. ISBN 978-981-3055-04-9.