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Jakarta Post

Report finds billionaires stashing their cash offshore

  • Bagus BT Saragih

    The Jakarta Post

Jakarta   /   Thu, April 11 2013   /  09:22 am

A report released on Wednesday brings to light secret documents claimed to be evidence that some of the country’s richest people and top firms use tax havens to avoid taxes, a practice that has gone on since the days of the New Order regime, causing state losses of trillions of rupiah.

According to the report by The International Consortium of Investigative Journalists (ICIJ), published on its website on Tuesday, nine of Indonesia’s 11 richest families have taken shelter in tropical tax havens, owning more than 190 offshore trusts and companies.

The billionaires are among nearly 2,500 Indonesians found by the ICIJ in the files of Singapore-based Portcullis TrustNet.

The billionaires were closely allied to the late president, Soeharto.

The documents show the number of new offshore companies and trusts set up for Indonesians has significantly increased since...