Indonesian Sovereign Wealth Fund Steps In: Managing Seized Lands Post-Natural Disasters

Indonesia's sovereign wealth fund, Danantara, will take control of lands seized from 28 companies associated with environmental disasters in Sumatra. President Prabowo Subianto revoked these companies' permits to address the ongoing issues. A thorough process will ensure the removals' impact is minimized, according to the forestry task force.

Amid growing environmental concerns, Indonesia's sovereign wealth fund, Danantara, is stepping in to manage lands confiscated from 28 companies tied to recurring floods and landslides across Sumatra. An official from the nation's forestry task force disclosed this development on Tuesday.

President Prabowo Subianto recently annulled the business permits of these entities to address the mounting crises affecting the region. This decisive action marks a pivotal move in the country's efforts to combat the environmental challenges.

The task force has assured that a 'comprehensive process' will be undertaken to ensure that the revocation of permits does not exacerbate the situation, promising strategic management of the transition by Danantara.

(With inputs from agencies.)