YOGYAKARTA - Sjamsul Nursalim or Liem Tjoen Ho is one of the big entrepreneurs whose names are familiar in the national business world. He has a business empire spread across various sectors, ranging from the tire, retail, to property industry. However, his name was also in the public spotlight when he was dragged into the Bank Indonesia Liquidity Assistance (BLBI) case.
As an entrepreneur of Chinese descent, Sjamsul is known to have sharp business instincts and courage to take risks. Although his life background has not been exposed much, his journey to build the company PT Gajah Tunggal Tbk shows its ability as a visionary entrepreneur. He managed to bring Gajah Tunggal to become one of the largest tire manufacturers in Southeast Asia.
Sjamsul Nursalim was born in Lampung on January 19, 1942. He was born to a family of rubber traders in Betung Bay. The family environment that is thick with trade activities makes Sjamsul interested in pursuing the business world from a young age.
He started his business journey by setting up an out-of-bike production business called NV Hok Thay Hin. Thanks to his hard work and proper business strategy, his business developed rapidly and was later changed to PT Gajah Tunggal Tbk. This company became an important milestone in his career as a major entrepreneur in Indonesia.
The success of Gajah Tunggal has made him increasingly known in the international world. The company now controls about 30 percent of the tires market in Africa, Southeast Asia, and the Middle East. Its famous products such as GT Radial are proof of the company's quality and global competitiveness.
Not satisfied only in the tire industry, Sjamsul expanded his business portfolio to various sectors. He owns shares in Mr. Sing Holdings, a property company listed on the Singapore Stock Exchange. In addition, he also has great involvement in PT Mitra Adiperkasa Tbk (MAPI), a major retail company that houses various international brands such as Zara, Converse, and Starbucks in Indonesia.
Through PT Satya Mulia Gema Gemilang, Sjamsul is suspected of controlling around 51 percent of MAPI's shares. This step shows his vision in building a sustainable and profitable cross-sectoral business. No wonder his name continues to appear on the Forbes list of the richest people in Indonesia.
According to a Forbes report in 2024, Sjamsul Nursalim's net worth is estimated at US$1.1 billion or around Rp. 18.08 trillion (exchange rate of Rp. 16,438 per US dollar). The main source of his wealth comes from PT Gajah Tunggal Tbk with a stake of around 49.5 percent.
However, Sjamsul Nursalim's journey cannot be separated from controversy. His name was linked to the Bank Indonesia Liquidity Assistance (BLBI) case involving his National Bank Indonesia (BDNI). During the 1998 monetary crisis, BDNI received assistance of IDR 47 trillion from the total BLBI funds of IDR 147.77 trillion.
However, the aid is said to have never been returned to the state. As a result, Sjamsul and his wife, Itjih Sjamsul Nursalim, were designated as the People's Wanted List (DPO) by the KPK for not fulfilling the summons for examination. Summons have been sent to five addresses in Indonesia and Singapore, but this couple was never present.
After a long fugitive status, in April 2021 the KPK finally issued an Investigation Termination Order (SP3) on the case. With this decision, the status of the suspect and DPO on Sjamsul and his wife was officially revoked.
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