Son pulls out as investor for Indonesia’s new capital

Ambitious project: A design illustration of Indonesia’s future presidential palace in East Kalimantan. President Joko Widodo wants to move the administration before the end of his final term in 2024. — AFP/Nyoman Nuarta

JAKARTA: SoftBank Group Corp founder Masayoshi Son will no longer be an investor in Indonesia’s US$34bil (RM142.5bil) project to build the new capital in Borneo as the country turns its focus on Middle Eastern and Chinese investors.

“There’s no more story on Masayoshi, he’s out,” according to Coordinating Minister for Investment and Maritime Affairs Luhut Panjaitan in an interview.