Trillions sold out, this tycoon bounced off RI’s richest man

Trillions sold out, this tycoon bounced off RI's richest man

Jakarta, Reportase – As the shares of PT Bank Jago Tbk (ARTO) have fallen by more than 85% in the past year, one of its bosses has also lost tens of trillions of wealth. Bank Jago boss Jerry Ng has even been kicked out of the ranks of RI’s richest people.

According to the Forbes Real Time Billionaires list, Jerry Ng was ranked 35th out of the list of the 50 richest people in Indonesia, with a wealth of US$ 1.2 billion (Rp 18 trillion) in 2022.

In 2021, Jerry Ng even took the 5th position as the richest person in Indonesia with a wealth of US$ 4.7 billion or around Rp. 70.5 trillion.

Unfortunately recently, Jerry Ng’s name really doesn’t appear anymore in the list of the richest people in Indonesia. His wealth is estimated to be less than US$ 1 billion.

After ARTO’s shares dropped significantly, Jerry Ng’s wealth from indirect ownership in ARTO is now around IDR 7.41 trillion.

For your information, ARTO’s share price had penetrated IDR 19,000 / share until early 2022. In fact, at the beginning of 2021, the share price was still in the range of IDR 3,500 / share.

At that time, the euphoria of digital banks had soared the price of ARTO shares and a number of similar stocks.

It was noted that as of closing Monday (10/4/2023) ARTO’s share price was at IDR 2,240/share, down 39.78% year-to-date (ytd) or dropping to minus 85.57% in a year.

The biggest source of Jerry Ng’s wealth comes from investing in Bank Jago (ARTO) with his colleagues. Jerry Ng is not alone, together with his business partners they entered Bank Jago through PT Metamorphosis Ecosystem Indonesia (MEI) with current ownership of 29.80%.

Apart from Jerry, his colleague, Patrick Walujo, also enters through Wealth Track Technology Ltd (WTT), a Hong Kong-based investment company that controls 11.68%.

Jerry and his friends officially acquired Bank Artos through MEI on December 26 2019.

MEI acquired 454.15 million ARTO shares at a price of Rp 395/share. The acquisition value is equivalent to IDR 179.39 billion. After this transaction, MEI at that time owned a 37.65% stake in Bank Artos, before changing its name to Bank Jago in June 2020.

Jerry Ng is not a new name. He has had extensive experience in the national and even overseas financial industry.

However, he decided not to continue his career at BTPN after the bank merged with PT Bank Sumitomo Mitsui Indonesia.

In 2003, Jerry also had a career at PT Bank Danamon Indonesia Tbk (BDMN) but left in September 2007.

He is also noted to have worked at PT Bank Central Asia Tbk (BBCA) and the Astra Group. He has held a number of important positions such as Deputy President Director at PT Bank Universal, President Director at PT Federal International Finance (FIF), and served as Commissioner at PT Astra Colonial Mutual Group Life.

[Gambas:Video CNBC]

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