Indonesia Names Former Bank Permata CEO as SWF Head
Posted on 02/16/2021
Indonesia has named Ridha Wirakusumah as the chief executive officer of its new strategic development sovereign wealth fund (SDSWF). The Indonesian Investment Authority, also referred to as the Nusantara Investment Authority, has a new slate of executives. Indonesian President Joko Widodo briefed media about the hiring of candidates. This also includes Arief Budiman, a former director of oil and gas giant PT Pertamina, who will serve as deputy CEO. Also joining the SWF is Stefanus Ade Hadiwidjaja, previously with private equity firm Creador Capital Group, will be director of investment. Last, Marita Alisjahbana of Citibank Indonesia will be director of risk, while the director of finance will be Eddy Porwanto, formerly the chief financial officer of flag carrier PT Garuda Indonesia.
Ridha D.M. Wirakusumah.
JAKARTA (Reuters): Indonesian President Joko Widodo on Tuesday (Feb 16) announced the appointment of a senior banker, Ridha D.M. Wirakusumah, as the chief executive of the country s new sovereign wealth fund, which has a target of managing US$20 billion in funds.
Jokowi, as the president is popularly known, also named other professionals for posts on the board of directors of the fund, the Indonesia Investment Authority (INA).
The INA aims to attract foreign funds as co-investors, unlike some funds set up by other countries to manage oil revenues or foreign exchange reserves.
There has been scrutiny over the governance of INA particularly in the wake of a corruption scandal and massive losses involving neighbouring Malaysia s 1MDB fund.
President Widodo names Wirakusumah as CEO of Indonesia SWF
Indonesia President Joko Widodo Premium
Indonesian President Joko Widodo has officially announced the appointment of Ridha Dm Wirakusumah as the CEO of the country’s sovereign wealth fund that is slated to have a corpus of $20 billion.
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(Feb 16): Indonesia has named Ridha Wirakusumah as the chief executive officer of its new wealth fund, which is set out to bring in funds to invest in local projects from infrastructure to healthcare.
Wirakusumah was formerly the CEO of PT Bank Permata and has held positions at KKR & Co, General Electric Co, as well as American International Group Inc, President Joko Widodo said in a briefing in Jakarta on Tuesday.
Arief Budiman, a former director of oil and gas giant PT Pertamina, will serve as deputy CEO. Stefanus Ade Hadiwidjaja, previously with private equity firm Creador Capital Group, will be director of investment. Marita Alisjahbana of Citibank Indonesia will be director of risk, while the director of finance will be Eddy Porwanto, formerly the chief financial officer of flag carrier PT Garuda Indonesia.