Indonesia to close more than 750 state-owned enterprises

Indonesia's president mulled the possibility of a special court on Friday to investigate "unproductive" boards reporting "made up" profits, as he vowed to close 750 state-owned enterprises by year end.

With the establishment last year of Indonesia's Danantara sovereign wealth fund to manage state assets, "they discovered that there are 1,074 state-owned enterprises," the president told lawmakers. So far, 290 have been closed, Prabowo added, and by December 31, there should be no more than 300 left.

The drive has already saved more than $2.8 billion in overhead costs, said Prabowo. Thanks to "improvements" in how state-owned enterprises are managed, profits rose more than 75 percent from 2024 to 326 trillion rupiah last year, the president said.