Wharton grad seeks to save an Indonesian empire on the brink

John Riady, chief executive officer at PT Lippo Karawaci Tbk, speaks during an interview in Jakarta, Indonesia, on Monday, Sept. 9, 2019. The Riady scion is charting a new course for growth. The focus would be mainly on property development and health care -- legacy businesses that are “relatively protected from the digital revolution,” Riady said. Photographer: Dimas Ardian/Bloomberg

JAKARTA: Late last year, when Indonesia’s biggest property developer was sinking under debt, it was crunch time for the Lippo Group’s Riady family.

At a meeting to discuss rescue options, tycoon Mochtar Riady, 90, the founder of the group, turned to his young grandson for help.