Peter
Sondakh Sondakh, born in 1953, dropped out of dentistry school in 1971 to join his father’s business. In 1975, his father died of a heart attack and at only 22, Sondakh was left to take care of his mother and four sisters. Sondakh’s father was in the process of building a hotel before he died. So Sondakh continued this and he partnered with Hyatt to build the hotel, which was completed in 1977. Sondakh focused on managing the hotel and making new property deals, mostly in Singapore. But in 1982, when Singapore was hit by a property crash, Sondakh lost much of his money and was compelled to sell his share of the hotel to Hyatt. Realizing the need to diversify, Sondakh started the Rajawali Group in 1984, expanding his father’s business. Rajawali, which means eagle in Indonesian, is the name his father originally gave his business. Sondakh established Rajawali in partnership with Bambano Trihatmodjo, second son of then President Suharto. In 1986, they opened the Grand Hyatt in Jakarta. In April 1989, Sondakh founded Taksi Express, Indonesia’s second-largest taxi operator. Rajawali’s Express Taxi is credited for creating an ownership scheme where poor taxi drivers have access to credit so they can eventually own their taxis. This business model was made into a case study for developing nations by the United Nations. Sometime in 1991, Sondakh gained international recognition when he salvaged PT Bentoel Group, a cigarette manufacturer neck deep in debt to its foreign investors. The Indonesian government asked Sondakh to take over in an attempt to restore foreigners’ confidence in the Indonesian market. Sondakh replaced senior management, hired 65 accountants and retired Philip Morris employees. Gradually, PT Bentoel was back on its feet. In addition, Rajawali owns a stake in Semen Gresik (http://www.semengresik.com/ina/) Indonesia’s largest cement maker. It also has a partnership with Sheraton Novotel and Hyatt Hotels. The Group is also expanding in high-end hotels such as the elite Starwood resort in Bali. Sondakh says that divine intervention plays a significant role in his accomplishments. His personal belief of recognizing his weaknesses to improve one ’s self is also a key. He recently commissioned a psychology professor from George Washington University to assess his strengths and weaknesses. He says, “I did this because I want to improve myself. I want to know what’s wrong with me. Unless you know your weaknesses, how can you improve?” Sources: Blankfield, Keren. Know Thyself. Forbes Asia Magazine,
March 30, 2009. Posted on March 12, 2009. Retrieved on September
2, 2009 from http://www.forbes.com/global/2009/0330/042-billionaires-indonesia-i-know-thyself.html Photo credits: http://www.forbes.com/lists/2009/10/billionaires-2009-richest-people_Peter-Sondakh_B9Q3.html  |
Rajawali Group traces its roots as a company producing coconut oil
and exporter of timber in 1954. Fifty-five years later, under the
leadership of Peter Sondakh, a self-confessed spiritual man who
reads the bible every morning, Rajawali Group is into cigarettes,
consumer goods, retail, transportation, hotels, and cement.