Conglomerate Involvement In Patriot Bond: Between Investment And Political Relations

According to him, this instrument acts more as a political-economic signal, where the benefits sought are not only coupons, but also in the form of strengthening strategic relations with the state and access to the pipeline of national projects.

"Thus, the business figure's decision reflects the combination of economic, reputational, and political insurance motives," he explained to VOI, Thursday, October 2.

He conveyed that in terms of the financial market, the mobilization of funds through Patriot Bond has a double implication, namely that the absorption of funds of IDR 50 trillion could potentially activate liquidity that was previously unemployed (idle), thus potentially supporting the financing of strategic infrastructure projects.

But on the other hand, he said there was a risk of crowding-out, especially if the source of the funds used came from the transfer of productive investment or portfolios in the capital market.

"Price distortions and market perceptions may also arise if these bonds are positioned as symbolic instruments rather than risk-based instruments and reasonable returns," he said.

Rizal also emphasized that fiscal risks must still be watched out for, even though funds are raised from the private sector, there are guarantee schemes such as Power Purchase Agreement (PPA), tipping fees, or fiscal interventions when projects fail, potentially creating large consent liabilities for the state budget.

According to him, strict governance design is needed, including restrictions on the use of funds (ringfencing), a transparent procurement mechanism, and a sustainable independent audit.

Previously, 46 lists of document leaflets were circulated regarding the 46 list of Indonesian conglomerates as investors from Patriot Bond issued by Danantara, in the document, IDR 51.75 trillion was raised as of September 2025.

In the document, the names of Anthony Salim, Prajogo Pangestu, Sugianto Kusuma, Franky Widjaja, Boy Thohir and Edwin Soeryadjaya, Budi Hartono and Low Tuck Kwong became the top positions by buying patriot bonds worth IDR 3 trillion.

The rest, there are the names James Riady, Hilmi Panigoro, Gunawan Lim and Eddy Sariaatmadja by buying patriot bonds worth IDR 1.5 trillion each.