Best business reporting from abroad in magazines
AWARD YEAR: 1999
AWARD NAME: The Morton Frank Award 1999
RECIPIENT: John Colmey, David Liebhold and Time Asia staff
AFFILIATION: TIME Asia
HONORED WORK: “The Family Firm— Suharto Inc.”
The product of a four-month investigation, this 7 comprehensive 13-раре COLMEY LIEBHOLD cover story was a detailed portrayal of how Indonesia’s former President and his family muscled into every level of the country’s economy to build a fortune worth at least $15 billion. The story of corruption under Suharto wasn’t new, but the authors broke new ground with a wealth of detail and scrupulous documentation. Their most explosive allegation was that $9 billion in family funds were transferred from Switzerland to an Austrian bank soon after Suharto resigned. The story prompted Suharto’s protégé and successor, B.J. Habibie, to order his attorney general to investigate. Suharto sued Time for $27 billion, charging defamation. After the attorney general called off the investigation, citing insufficient evidence, public outrage was so great that it helped defeat Habibie in last fall’s election.
Citation for Excellence:
Bryan Burrough
Vanity Fair
“Gucci and Goliath”