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Sukanto TanotoOwner of the Inti Indorayon Utama plant
Country:
 Indonesia |
Content:
- Biography of Sukanto Tanoto
- The Oil Crisis and Early Success
- Building a Pulp and Paper Empire
- Continuing Education and Success
- Relocation to Singapore
Biography of Sukanto Tanoto
Sukanto Tanoto was born in 1949 in Indonesia, being the eldest son in his family. His father was an immigrant from the Chinese province of Fujian. In 1966, when Sukanto was only 17 years old, he was unable to continue his education as many Chinese schools were closed. It was at this moment that Sukanto decided to start his own business.
Working 16 hours a day, the young Tanoto quickly made progress towards his goals. He began to secure contracts for gas pipeline projects with major multinational companies.
The Oil Crisis and Early Success
Fortune smiled upon Sukanto in 1972 during the oil crisis. As oil prices soared, oil magnates increased production and supply. Sukanto Tanoto managed to secure profitable contracts with suppliers, earning his first million dollars.
Building a Pulp and Paper Empire
Recognizing an opportunity to reduce the country's costs, Sukanto noticed that the Indonesian government constantly shipped timber to Japan or Thailand for the production of plywood. He decided to establish his own business producing pulp, but in order to do so, he needed a license. To obtain the necessary license, he had to present a specific business plan to government officials. Despite skepticism, Sukanto Tanoto eventually received the license.
Within 10 months, he built his first pulp mill, "Inti Indorayon Utama," located in the northern part of Sumatra. Throughout the 1980s, Tanoto opened additional pulp mills across the country, establishing himself as an Indonesian pulp and paper magnate.
Continuing Education and Success
Despite feeling uneducated, Sukanto Tanoto had a strong desire to further his learning. He taught himself English using an English-Chinese dictionary. However, when his business became firmly established, he attended business school in Jakarta. He furthered his education in France and attended executive education courses at prestigious universities such as Harvard, Stanford, and Mellon.
Relocation to Singapore
In the mid-1990s, Sukanto Tanoto and his family relocated to Singapore. This move caused a significant stir in the press, with Tanoto being labeled a "money fugitive." However, Tanoto maintains that their relocation was unrelated to his commercial activities. He remains a citizen of Indonesia.
Today, Sukanto Tanoto's wealth is estimated at $3.8 billion, making him one of the richest businessmen in Indonesia.
