Abstract
This chapter examines the international expansion of capital and the way it structured the political support for regional economic governance in Southeast Asia through the case study of the Salim Group—Indonesia’s largest and most prominent conglomerate. The Salim Group was selected due to its increasingly internationalized economic activity and the way this activity promoted the regional economic project through political coalitions within the state—capital relations. The emergence of Salim as a major political and economic actor provides a window into the structural architecture of the internationalization of key Indonesian capitalist groupings across the Southeast Asian region. This chapter argues that the emergence of the Salim Group as an internationally oriented corporate group is a part of a broader story about the fundamental restructuring of the capitalist class. It is this internationally oriented fraction of capital that has supported and reinforced the project of regional economic integration.
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Notes
- 1.
Liem later changed his name to the Indonesian-sounding Soedono Salim in the 1960s, following the example of many Chinese Indonesians. The Javanese meaning of this name is the following: soe refers to good, dono to capital, sa to three (referring to three brothers), and lim to Liem. To a certain extent, it has a similar Javanese meaning as Suharto’s name. During the 1960s, there was a lot of pressure on the Chinese to integrate into Indonesian society and adopt Indonesian names (Elson, 2001; Dieleman, 2007).
- 2.
Liem’s political alliance with Suharto was manifested in the form of business partnerships between the two families. Many of Suharto’s family members were often appointed as board members in Liem’s companies. For example, Sudwikatmono, the president’s step-brother, served as the president director of Bogasari, while Suharto’s children, Sigit Harjojudanto and Siti Hardiyanti Rukmana, were board members of Bank Central Asia.
- 3.
By the 1970s it was widely known that Liem’s alliance with Suharto granted him numerous economic privileges from the state. He was deemed a Cukong, a term used for Indonesian-Chinese businessmen associated with political figures. The press frequently referred to the Salim Group as part of the ‘Cendana Trust’. Cendana was the name of the Jakarta street in which Suharto and his family resided (Sato, 1993: 415; Dieleman, 2007: 51).
- 4.
Mochtar Riady later resigned from his position and started his own business. His family business, the Lippo Group, has emerged into one of the largest conglomerates in Indonesia. Lippo’s numerous business operations, especially in the real estate, have cooperated with the Salim Group.
- 5.
First Pacific is one of the Salim Group’s holding companies. The Group has other holdings that are registered in other countries such as Singapore and British Virgin Islands to carry out its international expansion.
- 6.
Interview with Revrisond Baswir, Economist and Commissioner of National Bank of Indonesia (Bank Negara Indonesia), in Jakarta, 25 May 2015; Ahmad Faisol, Economic Expert to the Chairman of Indonesia’s Investment Coordinating Board (BKPM), in Jakarta, 15 May 2015.
- 7.
The acquisition of PLDT was finalized in 2000.
- 8.
Philex Mining is the Philippines’ largest gold and copper producer. First Pacific bought 20% of the company’s stake in October 2008 for US$131 million. At the end of the year, First Pacific raised its stake to 31% (Borsuk and Chng, 2014: 479).
- 9.
Although Chairul Tanjung denied being a proxy for Salim family, an interview with several Indonesian top bureaucrats and journalists indicated that the rise of CT Corp’s capital has been linked to the Salim Group.
- 10.
Interview with Subronto Laras, President Commissioner, Indomobil, the Salim Group’s automotive company, in Jakarta, 17 March 2015.
- 11.
Goodman Fielder is involved in manufacturing, marketing, and distribution of food ingredients and consumer branded food, beverage, and related products, including packaged bread and other related goods, biscuits, dairy products, small goods, flour, edible oils and meal components.
- 12.
MACH Energy Australia Pty Limited engages in coal mining business. It was incorporated in 2015 and is based in Perth, Australia. The company is a wholly owned subsidiary of Droxford International Limited, a subsidiary of the Salim Group.
- 13.
Interview with Sukardi Rinakit, Senior Researcher, Soegeng Sarjadi Syndicate, in Jakarta, 4 March 2015. Rinakit was also a campaign manager for Joko Widodo during the 2014 presidential campaign.
- 14.
Prabowo is the former Indonesian Army General and was the son-in-law of President Suharto who now leads the Gerindra party. During the 2014 election, he ran for president and lost to Joko Widodo.
- 15.
Other rich Indonesian companies that engage in the palm oil plantations are, for example, the Djarum Group (Budi and Michael Hartono), Gudang Garam Group (Susilo Wonowidjojo), Sinar Mas Group (Eka Tjipta Widjaja), Wilmar International (Martua Sitorus), CT Corporation (Chairul Tanjung), Royal Golden Eagle (Sukanto Tanoto), and Rajawali Group (Peter Sondakh).
- 16.
Interview with Anton J. Supit, President Commissioner of Sierad Group and Chairman of the Indonesian Employers Association (Apindo), in Jakarta, 22 May 2015.
- 17.
Salim’s relationship with the army was through Metro Pacific. Among the company’s ventures, for instance, was a project to redevelop the national headquarters of the Philippine National Army, Fort Bonifacio, which is located in southeastern Metro Manila.
- 18.
The Philippines has limits to foreign ownership in strategic industries such as utilities and natural resources. It was enshrined in the 1987 Constitution of the Republic of the Philippines, Article XII, Section 11.
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Al-Fadhat, F. (2019). The Salim Group and the Social Relations of Capital Expansion. In: The Rise of International Capital. Critical Studies of the Asia-Pacific. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-13-3191-6_7
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