Matahari department store of Indonesia has seen its market capitalisation fall from $4billion in 2016 to just over $600 million today. Its earnings have fallen by 25% during the period but the two reasons for the fall in value which are most cited are competition from online retailers, and corporate governance concerns relating to its parent company Lippo Group. Online companies Tokopedia, Lazada and Shopee, among others, are now major players in Indonesia's retail space. Some have developed partnerships with ride-hailing and fintech firms to improve the economics of shipping, and they are seen as a fast-developing threat for the future. Even though Matahari has been fighting back online, its e-commerce is still only the size of one of its stores. In addition, its parent company, Lippo Group has been caught up in a corruption scandal connected to a $21bn property project described as "the Shenzhen of Indonesia" in which bribes were allegedly paid to city officials in return for permits. The Meikarta project is meant to be the hub for the electronics and automotive sectors, a move away from an economy dominated by low-value industries, and which also includes universities, shopping malls, hotels and hospitals. Apparently investors are worried that Matahari, which is debt-free and generates strong cash, could be used to alleviate the Group's liquidity concerns.