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Time: Suharto Amassed $15B Fortune

May 16, 1999

HONG KONG (AP) _ Former Indonesian President Suharto and his six children amassed a $15 billion fortune during his 32 years in power, Time magazine says.

The Suharto family has vast stores of cash, shares, corporate assets, real estate, jewelry and fine art, the magazine reports in its latest issue, which hits newsstands Monday.

A press release from Time said Suharto’s wealth was tallied in a four-month investigation covering 11 countries.

Suharto, whose presidential salary was $1,764 a month when he was toppled last year, helped his family benefit from monopolies and special charges on vast sectors of the economy, Time reports.

It says the family controls about 8.8 million acres of real estate _ an area larger than New Jersey _ and owns significant equity in at least 564 companies in Indonesia. Overseas interests include hundreds of companies from the United States to the Netherlands to Nigeria.

Although an official investigation into the Suharto fortune is under way, a genuine investigation will probably have to wait for the next government, Time says.

It quotes Attorney General Andi Muhammjad Ghalib, who is in charge of the Indonesian government’s probe, as saying he can find no evidence Suharto wrongfully acquired state assets.

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