The Wealth Of Klan Hartono, BCA Owner, Where FPI Saves Money: It Can Make All Indonesians Vaccine

Budi Hartono conglomerate. (Photo: Instagram @forbesindonesia)

JAKARTA - PT Bank Central Asia Tbk. (BCA) was under the spotlight when it was discovered to be a financial services institution where the Islamic Defenders Front (FPI) deposited its funds. In its official statement, the bank with the issuer ticker BBCA said that FPI's financial activities at the company had been frozen.

"Referring to a request from the competent authority, BCA has temporarily suspended transactions of the customer's account at BCA," said Executive Vice President of BCA Secretariat & Corporate Communication Hera F. Haryn as reported on Tuesday, January 5.

It was later discovered that the value of the account from the organization led by Rizieq Shihab was around Rp1.5 billion. VOI then tried to further confirm with the President Director of BCA Jahja Setiaatmadja about the steps to suspend the account in question.

However, until this news was published there had not been an official answer from the boss of the BUKU IV category bank.

The editorial team then tried to find out who owns BCA. From the data collected, the information conveys on the names Bambang Hartono and Robert Budi Hartono. These two tycoons turned out to be brothers who were also listed as the fourth largest cigarette-rolling business owners in Indonesia through the Djarum Super trademark.

The Hartono brothers succeeded in holding BCA through PT Dwimuria Investama Andalan with a portion of 54.95 percent. PT Dwimuria Investama itself entered BCA during the 1998 monetary crisis after acquiring shares belonging to the Salim Group, which at that time controlled the company.

Meanwhile, PT Dwimuria Investama was recorded as owned by Robert Hartono with 51 percent and Bambang Hartono with 49 percent.

From the results of its 'financial plan' at BCA, the Hartono clan managed to generate income of IDR 7.51 trillion from the business activities carried out by Bank Central Asia during the 2019 period.

This value was raised in the General Meeting of Shareholders (GMS) after all shareholders agreed to distribute cash dividends of 47.9 percent of BBCA's net profit for the 2019 financial year, which amounted to IDR 28.6 trillion.

Profits of Rp7.51 trillion from BCA clearly made the Hartono brothers' pockets even thicker. This further complements the main business of the family working on the tobacco industry, namely Djarum Super.

It is quite difficult to measure the income and net profit of this cigarette company from Kudus, Central Java. This is because Djarum has not been listed as a public company listed on the Indonesia Stock Exchange, so there is no obligation to disclose financial reports to the public.

However, a data shows that this company can sell up to 58.8 billion cigarettes in a year. This means that if one cigarette costs Rp. 1,000, the gross income received will be around Rp. 58.8 trillion.

Then, if using the calculation of the average margin of business actors with the provision of a profit of 30 percent of the selling price, it is estimated that the two siblings can earn IDR 17.6 trillion in one year.

On the other hand, based on Forbes Asia data released in December 2020, it was revealed that the siblings had total assets of US $ 38.8 billion or the equivalent of Rp.548.2 trillion!

In order to get an idea of how much wealth the Hartono brothers are, the simple analogy used is to compare the price of the COVID-19 vaccine that the government plans to sell.

For example, the average vaccine price is Rp. 200 thousand for one dose. Everyone needs at least two doses of vaccine to be considered immune enough to the COVID-19 pandemic. This means that each person will need at least IDR 400,000 for the vaccination process.

So if you use the assumption that Hartono's family's profits at BCA in the 2019 period are worth IDR 7.51 trillion, the funds are sufficient to vaccinate 18.7 million people.

Furthermore, if we refer to the average annual profit of Djarum cigarettes which is IDR 17.6 trillion, this money could be used to vaccinate 44 million people.

Finally, if the entire wealth of the Hartono clan, which is worth Rp.548.2 trillion, is drained, it will be enough to pay for the vaccine for 1.3 billion people!