Word: yayasan
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Dates: during 1990-1999
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...President, Suharto issued Decree No. 8, allowing him to seize two conglomerates with combined assets of $2 billion. They were recast as PT Pilot Project Berdikari, one of the companies that became a main lever of the family empire. But the bedrock of the Suharto fortune was the presidential yayasan, or foundation. Dozens were set up, ostensibly as charities, and they have in fact funded a large number of hospitals, schools and mosques. However, the foundations were also giant slush funds for investment projects of the Suhartos and their cronies as well as for the ex-President's political machine...
Soon after Suharto's resignation, then-Attorney General Soedjono examined the books of the four largest yayasan. "Suharto had distributed the money to his children and friends," he says. Soedjono discovered that one of the largest foundations had disbursed 84% of its funds on unauthorized pursuits, including loans to companies owned by Suharto's children and friends. Suharto, as chairman, had had to sign any check over $50,000. Soedjono submitted a preliminary report on his findings to President Habibie last June and was fired five hours later. (Habibie says Soedjono was dismissed because he stepped outside the line...
Abelmann lived with the Kitingans in 1989-90 as a worker in the People Development Program of the Yayasan Sabah Foundation, headed by Jeffrey Kitingan...
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