Politics
Jokowi summons ministers to discuss family office project
TEMPO.CO, Jakarta – President Joko Widodo or Jokowi convened a meeting with a number of ministers and state officials from the Indonesian Advanced Cabinet on Monday, July 1 to discuss the family office program proposed by Luhut Pandjaitan, Coordinating Minister of Maritime Affairs and Investment.
Tourism Minister Sandiaga Uno, Head of the Financial and Development Supervisory Agency (BPKP) Muhammad Yusuf Ateh, Deputy Finance Minister Suahasil Nazara and Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar were all seen at the State Palace on Monday morning, 09:00 Jakarta time.
“Yes, there is an invitation for discussions on strengthening the economy and finances, including the family office. I will provide more details after the meeting,” Sandiaga Uno said.
According to Investopedia, a family office is a private company that manages the investments and wealth of wealthy families, typically those with investable assets exceeding $50 million to $100 million. The objective is to facilitate growth and the intergenerational transfer of wealth.
Apart from this, the family office can also handle tasks such as managing household staff, travel arrangements, property management, daily accounting and payroll activities. Also, legal affairs management, family management services, family governance, financial and investor education, as well as philanthropy and private foundation coordination and succession planning.
Luhut had previously claimed that Jokowi had approved the establishment of a family office in Indonesia, citing strong demand from wealthy families overseas who want to keep their assets in Indonesia.
Luhut explained that the primary function of a family office is to keep the funds of high net worth individuals in the country. This strengthens Indonesia’s foreign exchange reserves and promotes global confidence in the country’s financial system. Family offices are already well established in financial centres such as Singapore, Hong Kong and Abu Dhabi, which could serve as a benchmark for Indonesia.
DANIEL A. FAJRI
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