Indonesia's richest family moves over $1 billion offshore amid turmoil

From a rundown office tower in Singapore's main shopping district, Indonesia's wealthiest family has been quietly doing something it rarely does: investing money abroad as Southeast Asia's largest economy loses momentum.

It started at the end of 2023, when a company called Evergreen Hill Enterprise spent $669 million on a specialized paper business in the United States. A year later, Evergreen paid €360 million ($418 million) for an Austrian manufacturer of cigarette papers.

In all, some nine entities based in Singapore and London tied to the billionaire Hartono family have invested at least $1.4 billion abroad, according to filings and interviews with people close to the group.

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