Indonesia's Hashim: Picking Up The Pieces

Hashim Djojohadikusumo is an Indonesian tycoon, a man renowned for his business acumen, his lofty connections, and Tirtamas Group, the corporate empire he has assembled. Yet, as his country's economy crumbles in the wake of a currency collapse, Hashim isn't thinking of all that he has accomplished. He's thinking of the $1 billion in debt he holds and the risky moves his companies made just months before the rupiah lost 90% of its value and interest rates shot up to 30%. Now, he wishes he had reined in his ambitions. "I didn't see the seriousness of the crisis," he says. "I was stupid."

Such candor is rare in Jakarta these days. Other businessmen in President Suharto's circle prefer to blame the International Monetary Fund or foreign banks for their woes. They plan to hold on to all their assets until the crisis eases in Indonesia, a moment that could be years away. But Hashim, 43, is trying to manage his way out of the mess. He wants to restructure by selling off pieces of his empire to the highest bidder, opening up new export businesses, and merging some operations. If he succeeds, he may show other Indonesian companies how to work their way out of their difficulties. If he fails, then he will offer a bitter lesson in how crises can undo even executives who face up to their problems.