SoftBank Pulls Out of Indonesia Capital Project

SoftBank Group on Friday said it is not investing in Indonesia’s project to build a new capital in Borneo, saying it remains committed to backing startups in Southeast Asia’s largest economy, Nikkei reported.

Indonesian President Joko Widodo announced the plan to relocate Indonesia’s capital from Jakarta in 2019. SoftBank Chairman and CEO Masayoshi Son was named a member of the steering committee for the project, along with Abu Dhabi crown prince Mohammed bin Zayed Al Nahyan and former British Prime Minister Tony Blair, the report said.

Read the full report: Nikkei Asia

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.