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Michael Maduell, president of the Sovereign Wealth Fund Institute (SWFI) told
AsianInvestor that INA should embody three main characteristics to minimise any risk of corruption: independence from the presidency; good corporate governance “including a strong board of directors that declare any conflicts of interest”; and audited financials made available to the public “from a qualified auditor .
According to plans announced by the ministries of finance and state-owned enterprises, which are establishing the fund, INA will likely fall short of Maduell’s preferred standards. HHP Law Firm, the local entity of international law firm Baker McKenzie, said in a report the SWF would be established “as a 100% government-owned legal entity…[and] be responsible directly to [Indonesian] President [Joko Widodo] . ....

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