Minister for State-Owned Enterprises (SOEs) Erick Thohir has confirmed that a significant portion of dividends from state-owned companies has been transferred to Indonesia's sovereign wealth fund, Daya Anagata Nusantara (Danantara), but declined to specify the amount or name the contributing entities.

“Most of the funds have already been transferred,” Erick told reporters at the Merdeka Palace in Jakarta, on Thursday, May 8, 2025.

When pressed for details on which SOEs had submitted their dividends or the total figure, he replied, “You should ask pak Rosan,” referring to Rosan P. Roeslani, the CEO Danantara.

The move follows a broader government push to consolidate state assets under Danantara Indonesia, the country’s strategic investment agency formed earlier this year as part of President Prabowo Subianto’s economic reform agenda.

According to Rosan, 844 state-owned parent companies and subsidiaries are now under the Danantara umbrella. The consolidation is in line with President Prabowo’s directive and rooted in Article 33 of the 1945 Constitution, which mandates that key economic sectors be controlled by the state for the people’s welfare.

“The establishment of Danantara comes at exactly the right time,” Rosan said earlier during a town hall meeting at the Jakarta Convention Center on April 28, 2025. He emphasized that consolidation had been conducted gradually, focusing initially on major companies with significant economic impact.

Rosan also highlighted a sharp rise in the fund’s asset base under its "business model innovation" pillar, which he claimed has now reached US$982 billion − up significantly from a previous range of US$95–100 billion.

The government sees Danantara as a key instrument to manage state wealth more efficiently, including dividend flows from SOEs, to support long-term national development and fiscal stability. However, the opacity surrounding the latest dividend transfers raises questions about transparency and oversight in this new financial structure.

Analysts have called for greater public disclosure from both the Ministry of SOEs and Danantara, citing the importance of accountability in the management of state resources, particularly as the fund gains more power over national assets.