While Suharto's business associates spread far beyond his immediate family, the most intense focus of the crackdown is bound to be the businesses of his six children.
The potential international reach of ventures involving "the kids" – Sigit, Bambang Trihatmodjo, Hutomo Mandala Putra (Tommy Suharto), Siti Hardiyanti Rukmana (Tutut), Siti Hediati Harijadi Prabowo and Siti Hutami Endang Adiningsih – is phenomenal. The Indonesian Business Data Centre estimates that investment in mega projects involving Suharto family members and foreign partners is $15.23 billion.
Meanwhile, the list of foreign companies with joint venture stakes, strategic alliances or contractual arrangements with Suharto family companies reads like a "who's who" of global capitalism.
Bambang's Bimantara Group has by far the most foreign connections, having created a network that some analysts believe may afford him more protection than his siblings.
Bimantara has entered into various arrangements with companies like telecommunications giants Hughes Space and Communication Inc. of the US and Alcatel Alsthom SA (ALA) of France, car makers Ford Corp. (F) of the US and Hyundai Motor Corp. (Q.HMC) of South Korea, and electronics concern NEC Corp. (J.NEC) of Japan. Meanwhile, its infrastructure interests have brought it into partnerships with Siemens AG (G.SIE) of Germany, Enron Corp. (ENE) and Duke Energy Corp. (DUK) of the US, Hutchison Port Holdings of Hong Kong and Mitsubishi Corp. (J.MIB) of Japan. Among many other distribution joint ventures, Bimantara also owns a 15% stake in PT Nestle Indonesia, in which Nestle SA (Z.NES) of Switzerland controls 57%.
Tommy's main investment vehicle is the Humpuss Group, 60% owned by Tommy and 40% by Sigit. Tommy's Humpuss Electronika has a semiconducters joint venture with Japan's Sumitomo Corp. (J.SUT) as well as with NEC. Tommy also has a water agreement with Bechtel Corp. (X.BTL) of the US, as well as ties with Bechtel via Humpuss Aromatics. In power projects, Tommy has a stake in joint venture Mandala Nusantera Ltd., which is 75%-owned by Asia Power Ltd. and 10%-owned by Electricity Corp. of New Zealand Ltd. (A.ELC). In telecommunications, Humpuss is in a joint venture with Bell Atlantic (BEL) and International Wireless Communications (X.IWL), as well as with Sigit. Tommy also owns the Four Seasons Hotel in Bali, along with foreign partners including Hotel Properties Ltd. (P.HPL) of Singapore.
Through her holding company PT Citra Lamtoro Gung, Tutut has also made tie-ups with multinationals. One prominent one is her company's 25% stake in PT Lucent, the local subsidiary of Lucent Technologies (LU) of the US The far-reaching nature of these tie-ups make economists like Song Seng Wun, of G.K. Goh Securities in Singapore, nervous about fallout from prospective asset seizures and contract cancellations in an economy already in the grips of a tumultuous financial crisis.
Song says the government should press ahead with "forward-looking" reforms that will ensure future contracts are awarded transparently. But he warns against retrospective retribution that may spin out of control.
"You have over thirty years built layer upon layer of power in the name of one person in charge, effectively covering everything. Once we start unpeeling those layers, what do we have left?" Song said.
But economists like Econit's Ramli describe the process as an important one of cleansing the economy, upon which foreign investors will ultimately look favorably.
"In the long term the change of regime is good for foreign investors, because it is going to provide them with a level playing field in which they won't have to pay a fee for carried interests." The government hopes that measures to cut back on bureaucratic obstacles and to speed investment approvals, announced last week, will be enough to quell foreign investor concerns about placing their money in Indonesia.
For his part, the foreign business executive thinks opportunities may surface again, but not for many months. He takes heart from the fact his company's local partner has military links as Indonesia's Armed Forces are seen as the country's only lasting political institution.
Of his company's partner, he adds: "He's not from the first rung, and therefore he's not high profile. The attacks might stop before they get this far."