Born on Oct 2, 1939 in Central Java, Hartono, along with his brother, took over his father’s cigarette factory in 1963 after a devastating factory fire. The two helped rebuild it and turned the company into one of Indonesia’s largest conglomerates, with interests in banking, technology and consumer goods.
(March 19): Michael Hartono, an Indonesian billionaire and major shareholder of the country’s largest lender by market value, PT Bank Central Asia, has died. He was 86.
Hartono passed away in Singapore on Thursday afternoon, according to Budi Darmawan, corporate secretary of Djarum Group, one of Hartono’s companies. Together with his younger brother, Budi Hartono, 85, the pair have a combined net worth of around US$31 billion ($39.8 billion), according to the Bloomberg Billionaires Index.
