Luhut: The Plan For The Formation Of The Family Office Is In The Finalization Stage, Done Before October

Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan at the Launch of Simbara (Photo: Theresia Agatha/VOI)

Coordinating Minister for Maritime Affairs and Investment (Menko Marves) Luhut Binsar Pandjaitan said that currently the plan to form a family office has entered the finalization stage and is targeted to be completed this year.

Luhut admitted that he made a working visit to the United Arab Emirates (UAE) to study family office which will be implemented in the country.

"Now it's finalization because we learned from Abu Dhabi and Dubai," Luhut said at a press conference at the Simbara Launch event which was held at the Dhanapala Building, Jakarta, Monday, July 22.

He said the formation of family office in Indonesia would reflect on the policies in Abu Dhabi. Given, the government is satisfied with Abu Dhabi's assistance in the formation of Indonesia's sovereign wealth fund, namely the Indonesia Investment Authority (INA).

After a working visit to Abu Dhabi and Dubai United Arab Emirates (UAE), Luhut also discussed family office with Jokowi last night.

"I reported to Mr. President Jokowi, he also appreciated. Earlier I mentioned the issue of arbitration, for example there cannot be any comparison. Therefore, the judges used are international judges," he said.

"I report to the president, so we just imitate the judges used by Singapore, Abu Dhabi or Hong Kong to be used here. Thus, (will) provide legal certainty to people who invest here," he continued.

In addition, Luhut also admitted that he had discussed the plan to form this family office with the Minister of Finance (Menkeu) Sri Mulyani. During the discussion, Luhut said that tax incentives must be given to investors who want to save their money in Indonesia.

"We are still talking now about how much minimum they will have to enter, how much to invest and how many employees he has to make for his run office here. I think it is still technical, but it must be completed before October," he added.