factory PT Bitung Manado Oil in Manado, followed by PT Kunci Mas in Surabaya. The Manado-based factory later produced cooking oil under the brand Bimoli, which catered to up to 50 percent of the demand in the Indonesian cooking oil market. In 1990, Widjaja lost this brand to Salim Group after their joint ventures in cooking oil business split. In 1972, together with Taiwanese investors, Widjaja acquired caustic soda producer Tjiwi Kimia, which he transformed into the Sinar Mas Group's first pulp and paper manufacturer. In the same year, he started Duta Pertiwi, a property developer and real estate business. In the 1970s, he already acquired logging concessions. In 1980, Sinar Mas changed all its cooking oil refinery machines to be able to produce palm oil. In the same year, Widjaja already possessed extensive oil palm fields in Sumatra, Kalimantan, Sulawesi, and Papua. In 1982, he acquired a field in North Sumatra. Also in 1982, Widjaja acquired Bank Internasional Indonesia (BII) and founded PT Internas Artha Leasing Company. BII became the second largest private bank in Indonesia, but due to the 1997 Asian financial crisis, it failed in April 1998 with a debt of US$4.6 billion (the largest foreign debt owed by an Indonesian corporation at that time) and was nationalized in April 1999. Widjaja moved back into banking by acquiring PT Bank Shinta Indonesia in 2005 and later renamed it as PT Bank Sinarmas. In 1990, Widjaja received an honorary doctorate in economics by Pittsburg State University in Pittsburg, Kansas, United States, citing him as the "ultimate entrepreneur". By the mid-1990s, Widjaja's best-known asset was a controlling stake in Asia Pulp & Paper (APP), a Singapore-based company listed on the New York Stock Exchange and the 10th-largest paper company in the world. After the 1997 Asian financial crisis and a dip in the international wood pulp price in 2000, it was revealed that the company had a global US$13.9 billion debt. In March 2001, two months after being threatened with delisting from the NYSE, APP stopped paying its debt, considered to be the largest debt default in the world's emerging markets. APP has also been convicted of being involved in illegal logging in Cambodia, Yunnan Province, China, destroying ancient rainforest and the illegal felling of over 50 thousand acres (200 km²) of forest in Bukit Tigapuluh national park. As of 2003, Widjaja lived primarily in Singapore and had turned