A leaked document has circulated listing high-profile Indonesian conglomerates allegedly participating in the Rp51.75 trillion oversubscribed Patriot Bonds—an investment instrument managed by Danantara Indonesia.

Names such as Anthoni Salim, Prajogo Pangestu, Franky Widjaja, Garibaldi Thohir, Sugianto Kusuma, James Riady, and Edwin Soeryadjaya reportedly appear in the document.

The document claimed that as of September 19, 2025, 46 investors had committed funds, exceeding Danantara’s original Rp50 trillion target.

Danantara Denies Public Disclosure of Investor List

In an official statement, Mohamad Al-Arief, Managing Director of Global Relations and Governance at Danantara Indonesia, refuted the legitimacy of the circulating list.

“The information is not official and, as of now, no announcement has been made,” he said on Monday, September 29, 2025.

He emphasized that no formal disclosure regarding investor identities or commitment levels has been issued by Danantara.

Voluntary Participation in a Private Placement Scheme

Al-Arief clarified that Patriot Bonds are being structured through a private placement, not a public offering. He described the mechanism as one built on voluntary participation.

“The fundamental principle of Patriot Bonds is voluntary participation and shared responsibility. This scheme allows Indonesian business groups to contribute to intergenerational development agendas,” he noted.

He reiterated Danantara's commitment to prudence, transparency, and strong governance in managing national investments, with an aim to support long-term economic transformation and elevate private sector engagement.

Meanwhile, Djarum Group’s participation was confirmed by its Senior Manager of Corporate Communications, Budi Darmawan.

“Djarum is participating in Patriot Bonds. We hope the program delivers benefits for a prosperous and thriving society,” Darmawan told Bisnis on September 29.

Fitch Ratings Reaffirms Danantara's Strong Government Ties

In a related development, Danantara’s investment arm, PT Danantara Investment Management, received a AAA (idn) rating from Fitch Ratings Indonesia for the upcoming Rp50 trillion issuance.

Fitch described the default risk as very low, noting the firm’s identity as a government-related entity under strict oversight.

“The rating reflects our view that DIM has the strongest expected government support among national entities,” Fitch stated in its September 24 report.

Fitch also highlighted Danantara’s role in managing dividends from state-owned enterprises via PT Danantara Asset Management (Persero), with a mandate to deliver sustainable financial returns in designated sectors.

“We believe DIM's policy mandate carries significant strategic importance for Indonesia's economic development,” the report added.

PHOTO: KATADATA/PATRICIA YASINTA ABIGAIL

This article was created with AI assistance.