Kaesang Pangarep's business track record is under intense scrutiny following the financial distress of PT Panca Mitra Multiperdana Tbk (PMMP), which is on the brink of collapse. The shrimp processing issuer, in which the youngest son of former President Joko Widodo holds a partial stake, is recorded to carry bank debts of up to IDR 2.8 trillion, with accumulated net losses reaching IDR 1.93 trillion as of the end of 2025.
Based on information disclosure data on the Indonesia Stock Exchange as of July 2026, PMMP is struggling to restructure loans from various financial institutions, including Bank Permata, BCA, and LPEI. Executive Director of the Center for Budget Analysis (CBA), Uchok Sky Khadafi, assessed that the worsening financial condition of the company is difficult to salvage after the end of Jokowi's presidency, which was previously deemed to provide strong political power access for his son's business lines.
The crisis at PMMP adds to the track record of failures of several of Kaesang's previous retail business units, such as Ternakkopi, Goola, Siapmas, and the Madhang application. These business units reportedly ceased operations due to unstable management and a loss of market confidence, which, according to observers, indicates a lack of business acumen of the PSI General Chairman.
Despite the collapse of many of his business empires, Kaesang's personal wealth has remained at a fantastic figure, namely above IDR 90 billion. This phenomenon creates a paradox that sparks public suspicion, considering this amount is equivalent to the large capital he used to buy up PMMP shares worth IDR 92.2 billion back in 2021.
The discrepancy between loss-making business performance and the stability of personal assets has renewed focus on legal reports filed with the Corruption Eradication Commission (KPK) by academic Ubedilah Badrun. Although reports regarding suspected suspicious fund flows and the controversy over the use of a private jet have not led to formal legal proceedings, the tension between the reality of collapsed businesses and Kaesang's luxurious lifestyle remains a prolonged public polemic.
