Luhut Said, LPI Bosses Will Be Announced Before February 15th

Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan. (Photo: Kemenko Marves)

JAKARTA - The government has established a Supervisory Board for the Sovereign Wealth Fund (SWF), aka the Indonesian Investment Management Institute (LPI) or the Indonesia Investment Authority (INA). The election of the board of directors of the institution is confirmed to be completed this month and the announcement of the directors will be made at the latest next week.

As is known, this institution was established through Law (UU) Number 11 of 2020 concerning Job Creation. Although this institution has been established, until now the names who are included in the LPI board of directors have not been disclosed to the public.

The Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, said that his party could not yet tell who the figure was chosen to sit at the helm of the institution.

"If the CEO of my LPI is not yet good at opening here. I think it will be announced at the latest next week," he said, during the Special Dialogue: Investment Challenges and Optimism 2021, Jakarta, Wednesday, February 3.

Luhut said, the announcement of the names who fill the LPI CEO chair will be announced no later than February 15, 2021 because there will be a meeting with major world investors. The event was created by the Abu Dhabi Investment Authority (ADIA), United Arab Emirates.

"That's why the organization has to be completed, because later if people want to say so much investment, how about it ?," he said.

Previously, the President of the Republic of Indonesia inaugurated the Investment Management Institution (LPI) Supervisory Board at the State Palace on Wednesday, January 27, 2021.

Based on the information circulating, there are several names that are alleged to be strong candidates for this LPI leader. They are Pandu Patria Sjahrir, Commissioner of the Indonesia Stock Exchange who is also Luhut's nephew; then former Pertamina Finance Director Arief Budiman, President Director of PT Indika Energy Arsjad Rasjid, CEO of PT Bank CIMB Niaga Tigor Siahaan, and President Director of PT Credit Suisse Sekuritas Indonesia Rizal Gozali.

However, currently the names of candidates for the LPI directors have narrowed down to three names. They are Pandu Patria Sjahrir, Arief Budiman and Tigor Siahaan.