Word: sutowo
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Dates: during 1970-1979
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...Discounts. In 1969 Ibnu Sutowo decided to add a Manhattan restaurant to his collection of personally owned enterprises. So, says the SEC, he wrote on Pertamina stationery to scores of U.S. companies, asking them to buy stock in the venture. He made no threats, but took care to say that the companies were selected because they did business with Pertamina. Eventually he collected $1.1 million from 54 individuals and companies, including Mobil Oil, Union Oil, Cities Service and Atlantic Richfield...
...seeks an injunction barring further sales of stock in the Ramayana. Its action comes a bit late: Sutowo, 62, seems to have no need of further capital. Although he was fired by Pertamina last year after it ran up debts and losses of perhaps $10 billion, he remains one of the richest men in Indonesia. His restaurant partners have not been as lucky. They still own stock in the Ramayana, but the shares have never paid dividends-and oilmen get no discounts on their rijsttafel...
According to Petramina's General Sutowo, Japan now consumes one-half of Indonesia's oil, some 70 per cent of Indonesian oil exports. In late February, the Japanese entertained Sutowo in Tokyo, agreeing to a 30 per cent rise in price for Indonesian oil sold directly to Japan, in an apparent attempt to reduce dependency on foreign oil companies...
Though his official salary is only $200 a month, Sutowo explains that his wealth is not based merely on that income. He says frankly: "I'm very big in tobacco exports, drugstores, a textile factory, rubber estates and interests in six or seven companies. I do them in my spare time." For example, when he recently learned that a contractor in Singapore needed rocks, Sutowo got government permission to have them shipped from an Indonesian quarry. Though he invested not a cent of his own money, Sutowo collects 50% of the profits. "I just arranged it," he says...
...recent trip to New York, Sutowo broached over lunch the idea of an Indonesian restaurant in New York to several American oil company executives. Before the meal had ended, he had pledges of $25,000 from each of the Americans. Sutowo has already acquired property on Manhattan's East Side. Another of his pet plans is a foundation, to be called Pertamina International, which he plans to use to raise funds for Indonesian cultural and educational projects in the U.S. "We expect donations to come from Americans-people who are friendly to Indonesia." And who might they...