Indonesia is poised to launch a sovereign wealth fund in the next few weeks, but a plan to place it under the control of President Prabowo Subianto has sparked concern it could be undermined by political interference.
Prabowo’s planned “super-holding” investment company — billed as an answer to Singapore’s Temasek — is intended to take over managing government stakes in state-owned enterprises that have total assets of nearly $570bn across sectors from banking to energy and power generation.
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