Tag Archives: Riady

The Lippo Group boss’s values and determination

Was reading the WEALTH section of BT and was inspired by this article on Mochtar Riady.

You can read more here: http://www.btinvest.com.sg/system/bti/wealth_june/pdf/Doing_a_wealth_of_good.pdf

“When I started my banking business I had two choices – to be a successful banker or a good banker. What does it mean to be a successful banker? As long as you make money for the bank and grow it, the successful banker doesn’t care whether credit is given to people or to the casino, or to gambling or drugs. Even environmental damage. They don’t care. “But the good banker takes care of this; every cent of credit has to be in the right direction and to bring benefit to society. That’s a good banker.” His father was sceptical of his banking ambitions. As he told the conference: “My father said – banking is money. You don’t have money, how can you do it? I said – it is trust, not money. Money is an instrument for trust transactions. As long as I have trust, I can be a banker. “My father says – you are a young man with no position in Jakarta. How can you be trusted? I can invite trusted people to be partners.” Herein lies the secret to his business success, as he pithily told the audience to applause: “I know what I do not know.” He added: “When someone says he doesn’t know, you have to look for professionals to run the business. This is the secret. “

SELF-MADE billionaire Mochtar Riady counts among Indonesia’s wealthiest tycoons, yet wealth itself means little to him. Instead, social responsibility – doing good for people and for Indonesia in particular – appears to be uppermost in his mind and his passion. He puts it simply: “Wealth… actually after US$10 million, you just always put zeros at the end. Up to now, I don’t think I can spend more than US$10,000 a month. That means in one year, I only spend about US$120,000 and that’s enough. My wealth means nothing to me. But I hope our company can do something good for society.” Mr Riady is the founder and chairman of the Asian business powerhouse, The Lippo Group. Its corporate tentacles extend into media, real estate, hospitality, energy, information technology, education and healthcare, among others. The group has a presence in over 10 countries in North America and Asia-Pacific, with assets in excess of US$20 billion. Forbes ranks Mr Riady as the sixth wealthiest in Indonesia, with a net worth of US$2.8 billion. In April, Mr Riady kept an audience of corporate and business bigwigs in rapt attention when he made a keynote speech at Credit Suisse’s Global Megatrends Conference. He delivered an account of the rise of his business interests through the years, punctuating it with touches of wry humour and humility. He also spoke to Wealth on the sidelines of the event in Singapore. Tellingly, for instance, he spoke of “status” – not in terms of influence or wealth, as it would normally be defined by most people – when asked what advice he gives to his sons. “Every person has a status,” he told the audience. “Status increases with age. For instance, when I was a boy, my status was the son of my parents. When my mother had a daughter, my status became brother of my sister… Status rises with responsibility. When I was a student I kept in mind that I have to do good things to beautify my parents’ name. In my status as a husband, I try my best to be a good husband to my wife and a good father to my sons… Today my responsibility is how to make my country Indonesia do well.”