Most people would probably raise their eyebrows and ask, "What is he doing?", on hearing that conglomerate Mochtar Riady is now busy promoting nanotechnology.

Many questions have been raised -- especially online -- objecting to this new step from the founder of the Lippo group, which was once one of the largest conglomerates in Indonesia.

So, what is nanotechnology?

"In short, nanotechnology is a method to solve problems by separating it into its smallest components," Mochtar said in a recent interview.

"It's my contribution to the nation. I hope my family, sons and grandchildren would continue the center, even when I pass away -- that's why I used my name for the center," he said.

Coinciding with his 79th birthday, May 12, Mochtar inaugurated his new ambitious project, the Mochtar Riady Institute for Nanotechnology, which is a center for cancer research.

The center, located next to Siloam Hospital in Karawaci, Banten, would study cancer and find ways to prevent the disease.

The father of six began exploring nanotechnology several years ago. Mochtar, who was once the chairman of the board of trustees of the University of Indonesia, wrote a book titled: Nanotechnology management style: Bagaimana menyehatkan penyakit ketuaan pada perusahaan dan menyelamatkan perusahaan keluarga (Nanotechnology management style: How to heal a company from old illnesses and save a family company) in 2004.

Earlier, Mochtar wrote two other books; Mencari Peluang di Tengah Krisis (Searching For Opportunities Amid Crisis) -- published by Pelita Harapan University, 1999, and Ancient Philosophy and Modern Management -- published by South East University Press, Nanjing in 2006.

Aside the from the University of Indonesia, Mochtar has been a member of the boards of trustees of several other global institutions, including the University of Southern California, the University of Arkansas, Xianmen University in China and the Hong Kong Baptist University.

He is also involved in several local and international organizations, such as the Indonesian Cancer Foundation and the National Siloam Brain Foundation. Mochtar was once the honorary president of the Hong Kong Federation of Overseas Chinese Associations.

Many respect Mochtar for continuing his business in Indonesia during the May 1998 riots, when many tycoons had fled (and remained) overseas.

Thousands of properties belonging residents of Chinese-Indonesian descent were destroyed at that time, prior to the forced resignation of authoritarian president Soeharto.

Receiving praise and suspicion for his new business venture is not new for the veteran businessman, who was born in Malang, East Java.

Mochtar was once recorded to have 50 companies, operating in banking, insurance and properties. His monumental property projects (preferring to call them urban developments), including Lippo Karawaci (formerly known as Lippo City) in Tangerang and Lippo Cikarang (once called Lippo Village) in Bekasi, remain much sought-after residential areas.

Mochtar is also known as cool-blooded banker. Another mercurial company of his making was Lippobank, which managed to survive the monetary crisis which hit Indonesia in 1997 (unlike dozens of local banks), although the bank is now in the hands of a Malaysian holding company which also owns Bank Niaga.

Before founding Lippobank, which was formed from the small Bank Perniagaan Indonesia, Mochtar worked for Panin Bank and ran Bank Central Asia, which is owned by tycoon Liem Soe Liong, or the Sudono Salim family.

Unlike other conventional conglomerates, Mochtar also entered the education sector -- a field which was considered by many as unprofitable. He built the expensive Pelita Harapan School, which once reportedly set tuition fees in U.S. dollars, and Pelita Harapan University.

Mochtar also bought the country's once-largest department store, Matahari.

Two years ago, Lippo Group developed a luxurious estate in Bekasi which it allocated as a cemetery. Hundreds of people have reportedly ordered plots of land for their graves in the estate, which is also equipped with a meeting hall and a chapel.

Mochtar's family is also involved in mass media, establishing and acquiring newspapers such as the Investor Daily and Suara Pembaruan, magazines Investor and the English-language Globe Asia, and the First Media cable television company.

The family has focussed on domestic and international businesses, including companies in China and Hong Kong, and paid less attention to local politics.

Mochtar and his first son, James Riady, once made local and international headlines for their 'special' relationship with former U.S. president Bill Clinton in 1998, reportedly financing the Arkansas governor's campaign.

As Mochtar ages, he has begun delegating his responsibilities to James. Many of his companies are now managed by professionals who are not blood relations.

"Pak Mochtar always gives full trust to his people. He just gives directions in general policies," MRIN president Susan Tai said.

Popular

Indonesian workers in Japan face growing stigma after viral incidents

Political motivations behind rising cyberattacks in mid-2025, report says

High rice prices, education costs push up inflation to 2.37 percent in July