The Indonesian Supreme Court awarded the 86-year-old former president the sum as libel damages for a Time 1999 cover story alleging that Suharto and his family had pocketed $73 billion during the authoritarian leader's three decades in power. The magazine was also ordered to print apologizes.
The article alleged that the Suharto 'Family Firm' lost a large portion of the billions they had originally amassed in the East Asian financial crisis of 1997-98.
At the time, the article claimed that Suharto still had $15 billion, including $9 billion in an Austrian bank account. Suharto has consistently denied the allegations, but Time magazine continues to stand by its story.
President Suharto was deposed in May 1998 following widespread street demonstrations and protests. He had risen to power in a 1965 coup. His regime was widely criticized for corruption and severe human rights abuses.
Time magazine lawyers stated that they would fight the Supreme Court's ruling, saying: "We will use all means available to challenge the decision. What is at stake here is not only Time, but also the freedom of the press."
