Riady scion steadies Lippo with focus on property, healthcare

Mr John Riady, head of Indonesia's biggest property and retail conglomerate Lippo Karawaci, says he is committed to building a reputation for transparency and governance over the next three to five years.
Mr John Riady, head of Indonesia's biggest property and retail conglomerate Lippo Karawaci, says he is committed to building a reputation for transparency and governance over the next three to five years.PHOTO: LIPPO KARAWACI

Indonesian conglomerate's new CEO aims to rebuild its reputation and take it to next level after corruption scandal, credit downgrades

When news broke last month that Mr John Riady had been appointed to head Indonesia's biggest property and retail conglomerate, Lippo Karawaci, it came with an implicit challenge from group founder, Mr Riady's grandfather, Mochtar Riady, to disprove the old adage that fortunes are lost after three generations.

In Lippo's case, this would prove particularly challenging. In the months before the company announced Mr Riady's appointment, it was mired in a corruption scandal and suffered a series of credit downgrades.

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A version of this article appeared in the print edition of The Straits Times on April 30, 2019, with the headline 'Riady scion steadies Lippo with focus on property, healthcare'. Print Edition | Subscribe