Asian Tech Press (Mar. 11) -- SoftBank Group Corp. founder and CEO Masayoshi Son has pulled out of Indonesia's $34 billion project to build a new capital in Borneo.

"There's no more story on Masayoshi, he's out," Indonesia's Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan said in an interview Wednesday.

Panjaitan did not say why talks ended, and Tokyo-based conglomerate also had no response to it.