The Facts

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Despite Charles Schwab’s public commitment to accountability and integrity, the Schwab family is doing business with individuals who have enriched themselves from dealings with the Suharto family at the expense of the Indonesian people.

  • By purportedly leveraging relationships with beneficiaries of the Suharto regime, the Schwabs positioned themselves to profit from Indonesia’s land and natural resources.
  • Charles Schwab and the Suharto family purportedly acted as anchor investors in a joint land investment venture known as the Emergent Indonesia Opportunity Fund, with each investing $35 and $30 million, respectively.
  • According to a complaint filed by a Schwab family insider, Schwab purportedly invested in several real estate projects throughout Indonesia on connection with Suharto and affiliates and was involved in a Bali real estate initiative in coordination with Tommy Suharto who has been accused of corruption and ordering the assassination of a federal judge.

Philanthropy

The Schwab family positions themselves as leaders in the philanthropic community but Charles has used his non-profit endeavors to promote his own business interests, according to a complaint filed by a Schwab family insider.

  • Charles Schwab’s business associations with affiliates of the Suharto family directly conflict with his public image as a philanthropic leader in the Bay Area and his larger image of corporate responsibility in the United States.
  • The Schwab family is talking out of both sides of their mouth. While daughter, Katie Schwab, claims to fight against poverty, her family is purportedly trying to profit off of their relationships with the Suharto family.
  • According to a complaint filed by a Schwab family insider, Charles and Helen Schwab used the Charles and Helen Schwab foundation to indirectly fund investment deals with the Suharto family.
  • As reported by the LA Business Journal, Charles Schwab and his heir, Michael Schwab, purportedly worked on an investment deal with Tommy Suharto, son of the brutal Indonesian dictator, over land in Bali obtained through military force during his father’s presidency.

Environmental

The Schwabs are related to a series of corporations and non-profits (i.e. Emergent Indonesia Opportunity Fund, Big Sky, and Seathos) under the guise of environmental responsibility without ever producing any publicly available, tangible benefits.

  • Charles Schwab has established his U.S. – based business ventures under the auspices of accountability and trust; his private actions do not reflect his public persona.
  • Despite the Schwab family’s ties to Seathos Inc., a charitable corporation focused on promoting education of the human impact on the world’s oceans, the Schwabs purportedly cut a deal with the Suharto family to gain access to land despite being acquired through militaristic force.

Western Mining Network

The Schwab family dealings with the Suharto family purportedly don’t stop in Indonesia; they also cut a lucrative deal on a mining company in Australia, known as the Western Mining Network.

  • Michael Schwab, Charles Schwab’s heir, acquired a 15 percent stake in the Western Mining Network whose business activities are advised by Suharto’s grandson, Panji Adhikumoro Suharto.
  • Despite the Schwab family’s well-advertised commitment to protect the environment and those affected by poverty, they also find time to invest millions of dollars in a mining company under the advisement of the grandson of Suharto, the brutal dictator.