Eks Design Era SBY-Jokowi Tuding Singapore Behind Fall IHSG

Ri Minister Eks of Trade Muhammad Lutfi in exchange for various parties from Singapore trying to push the Indonesian stock market through the global index provider agency Morgan Stanley Capital International (MSCI).

Lutfi represents two presidential eras. First, the era of President Susilo Bautan Yudhoyono (SBY). He took office on February 14th - October 20, 2014. Second, in the era of President Joko Widodo (Jokowi), where he served Mendag on December 23, 2020- 15 June 2022.

Lutfi suspected the threat of changing Indonesian market status from the emerging market category (emerging market) to become an independent market in order to trigger a panic for foreign investors to buy Indonesian stock at a cheaper price.

He called the Singapore investment company, Temasek and GIC, having a huge impact on MSCI, but he didn't include independent evidence confirming that there was pressure from both agencies.

"Then, why did Singapore go through such a giant institution as Temasek and GIC which had a huge impact in MSCI so insistent on pressing Indonesia?" Lutfi said in his overture in my official Instagram @ m.lutfi on Monday (19 / 10).

He also claims to have information regarding a GIC high-ranking officer named Rachel Goh that he calls upon MSCI to lower the status of the Indonesian capital market. The claim has not been verified independently.

According to Lutfi, market classification changes potentially trigger a decline in Indonesian stock prices. He suspected that pressure could be used by foreign investors to go back in and buy stock at a lower price.

"This foreign institution fund has come out about 80 percent of the Indonesian market. The thing is, when they came out, our stock wasn't destroyed. Because the price didn't go down, they couldn't go back in for cheap,

Lutfi confirmed his statement not to defend the government, but to defend the interests of Indonesia. It invites people not to be divided by those issues and to ask the public to maintain national interests in the midst of the pressure on the stock market.

"So, for the Indonesian people, don't want us to get fucked up, made minder by the neighboring country. It's about who's in control of Indonesian wealth. We gotta stick together, we gotta be patriotic. We keep our nation's pride," said Lutfi.

MSCI on October 15, 2026 announced a consultation on the proposal of changing the Indonesian market classification of the Indonesian empire market into a standalone market. The final decision is scheduled at the latest 30 June 2027.

The MSCI states that these steps are based on the market offender's inconsistencies on stock-ownership structures, coordinated trading allegations, as well as have not yet seen the impact on market reform consistently.

There is no evidence in the MSCI announcement that confirmed Lutfi's involvement in Singapore.