Michael Bambang Hartono—one of Indonesia’s most influential businessmen with interests in banking and tobacco industries—died at the age of 86 in Singapore.

His death was confirmed by Ossy Indra Wardhani, corporate affairs director of GDP Venture, the venture capital arm of Djarum Group, the flagship company of Michael and his brother Robert Budi Hartono. Martin Hartono, son of Robert, is the founder and CEO of GDP Venture, which counts Indonesian ecommerce firm Blibli among its portfolio companies.

With a combined net worth of $43.8 billion, the Hartono brothers are the wealthiest in........

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