Sinar Mas is one of the largest conglomerates in Indonesia. It was formed in 1938. It has numerous subsidiaries including Asia Pulp & Paper and palm oil producer PT SMART. The company also acquired Berau Coal Energy from Asia Resource Minerals PLC, a major mining group founded by Nathaniel Philip Rothschild, in a takeover initiated by Fuganto Widjaja. Sinar Mas was founded by a Chinese Indonesian tycoon, Eka Tjipta Widjaja. Sinar Mas businesses operate in different sectors such as pulp & paper, real estate, financial services, agribusiness, telecommunications, and mining. The businesses are listed in the Indonesian and Singapore stock exchanges. Business units PT Innovate Mas Indonesia PT Mora Quatro Multimedia (CEPAT NET, HOMELinks) PT Sinar Mas Komunikasi Teknologi Tbk (Sinar Mas Communication & Technology) PT Smartfren Telecom Tbk (Smartfren) PT Ahamobi Telecom Tbk (AhaMobi) PT The Univenus PT Sinar Dunia Makmur (Sinar Dunia) PT Indah Kiat Pulp & Paper Tbk (Asia Pulp & Paper) Indah Kiat Pulp & Paper Industries Tbk PT Pabrik Kertas Tjiwi Kimia Tbk PT Pindo Deli Pulp and Paper Mills PT Lontar Papyrus Pulp & Paper Industry PT Ekamas Fortuna PT Purinusa Ekapersada PT Sinar Mas Agro Resources and Technology Tbk PT Sinar Mas Multiartha Tbk (Sinar Mas Multiartha) PT Bank Sinarmas Tbk (Sinarmas Bank) PT Simas Money Changer PT Asuransi Jiwa Sinarmas MSIG PT Arthamas Konsulindo PT Sinarartha Konsulindo PT Asuransi Sinar Mas (Sinar Mas Insurance) PT KB Insurance Indonesia PT Asuransi Summit Otto PT Sinar Mas Multifinance PT AB Sinar Mas Multifinance PT Sinartama Gunita PT Sinarmas Sekuritas PT Sinarmas Aset Management PT Sinarmas Futures PT Komunindo Arga Digital PT Arthamas Informatika PT Arthamas Solusindo PT Sinar Artha Inforindo PT Sinar Artha Solusindo PT Super Wahana Tehno PT Panji Ratu Jakarta PT Wapindo Jasaartha PT Balai Lelang Sinarmas PT Artha Bina Usaha PT Sinar Artha Trading PT Autopro Utama Perkasa Sinar Mas Land BSD City BSD Techno Park Kota Deltamas Greenland International Industrial City Karawang International Industrial City Orchard Towers Damai Indah Golf Le Grandeur Jakarta Le Grandeur Balikpapan Eka Hospital PT Dian Swastatika Sentosa Tbk PT Golden Energy Mines Tbk (Sinar Mas Mining) Eka Tjipta Foundation Criticism and controversies Defaults In 2001, Asia Pulp & Paper (APP), the subsidiary of Sinar Mas, called a standstill on $14 billion worth of bonds and loans and stopped repaying its debt, including interest payments, in what is still the largest default to foreign investors in