Are Indonesia’s Prabowo and ultra rich ‘9 Dragons’ on a collision course?
Indonesian President Prabowo Subianto’s push to reorganise Southeast Asia’s largest economy around a stronger, more interventionist state has put him increasingly at odds, analysts say, with the country’s so-called Nine Dragons. Known locally as Sembilan Naga, the label is a loose shorthand for some of Indonesia’s richest tycoon families – many of them Chinese Indonesian – with interests spanning…
Indonesian President Prabowo Subianto's efforts to centralize and reorganize Southeast Asia's largest economy have led to tensions with the country's wealthiest tycoons, commonly referred to as the "Nine Dragons." While Prabowo has not explicitly targeted these tycoons, analysts believe his policies suggest a broader goal of tighter state control over the businesses.
These policies include warning about wealth leaving the country, centralizing key exports, and seeking to harness tycoon money for state projects. The tycoons remain deeply embedded in the economy, yet they find themselves in a precarious position, forced to choose between submission to Prabowo or relocating their businesses. One of the latest developments is the introduction of Patriot Bonds, a low-yield financing instrument aimed at selected large business groups.
Although many of Indonesia's top tycoons were speculated to participate, Danantara, the agency behind the bonds, has not publicly confirmed any subscribers. Critics argue that Prabowo's actions echo the patronage system of former President Suharto, aiming to establish a more command-like and centralized political economy.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
