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Jakarta Post

Bakrie out of rich men’s club

  • Bagus BT Saragih

    The Jakarta Post

Jakarta   /   Fri, November 30 2012   /  11:10 am
Aburizal Bakrie: (JP/R. Berto Wedhatama)(JP/R. Berto Wedhatama)

 Aburizal Bakrie: (JP/R. Berto Wedhatama)In a fall from grace, Golkar Party chairman Aburizal Bakrie has failed to appear on Forbes magazine’s 2012 list of the country’s 40 richest men for the first time since the magazine began producing a list for Indonesia in 2006, adding another blow to his presidential bid.

The family of Aburizal, who was named Indonesia’s richest man by Forbes in 2007, has been struggling to deal with the steady decline in his fortune over the past few years, mainly due to the financial fiasco currently being faced by Asia’s largest exporter of thermal coal, PT Bumi Resources.

Analysts said that PT Bumi’s strategy of leveraging assets had failed to repay its loans, particularly after the share price of Bumi Plc., which the Bakrie family formed with Nathaniel Rothschild and listed in London in 2011, fell by 70 percent.

Following a...