November 12, 2025 | 07:35 am
TEMPO.CO, Jakarta - The Attorney General's Office (AGO) has confirmed that it is currently investigating allegations of corruption in the investment of PT Telkomsel in PT GoTo Gojek Tokopedia Tbk (GOTO). "It is still in the investigation stage, so it's still confidential," said the Head of the Attorney General's Office Legal Information Center, Anang Supriatna, via a WhatsApp message on Tuesday, November 11, 2025.
Based on a memorandum from the Attorney General's Office dated March 2023, which was received by Tempo, prosecutors suspect unlawful actions in the investment. "Based on data analysis and information related to relevant regulations, there are alleged unlawful actions in Telkom's investment through PT Telkomsel in GoTo's stock purchase," reads the prosecutor's assessment.
The investment being investigated is Telkomsel's capital injection into GoTo during the 2020-2021 period. It began on November 16, 2020, when Telkomsel invested US$150 million in the form of interest-free convertible bonds in PT Aplikasi Karya Anak Bangsa (AKAB), the parent company of Gojek.
Telkomsel then chose to increase the investment by US$300 million, which was executed after the merger of Gojek and Tokopedia on May 17, 2021. Telkomsel's total investment reached US$450 million or around Rp6.4 trillion based on the rupiah's exchange rate at that time.
In the Attorney General's assessment, prosecutors highlighted several factors that strengthen the suspicion of violations. One of them is that Gojek has never made a profit since its establishment in 2010. "It is suspected that the investment was made without applying good corporate governance principles," the document stated.
GoTo's stock value also recorded a sharp decline, from Rp338 per unit during the initial public offering (IPO) to Rp122 per unit in 2023, and further down to Rp61 per unit as of November 7, 2025. Prosecutors noted indications of conflicts of interest involving state officials and the board of directors of State-Owned Enterprises (SOEs).
In addition, prosecutors also highlighted changes in the Indonesia Stock Exchange (IDX) regulations ahead of GoTo's IPO. In Board of Directors Decision Number Kep-00101/BEI/12-2021, the IDX relaxed the net profit requirements for companies wishing to be listed on the main board. "It is suspected that there was significant intervention in the IPO process of GoTo with the revisions of the IDX regulations on stock listings for technology companies," the prosecutor wrote. Based on this assessment, the prosecutor's team recommended the issuance of an investigation order by the Deputy Attorney General for Special Crimes (Jampidsus) to investigate the alleged corruption in Telkomsel's investment in GoTo.
Tempo has sought to confirm this with Telkomsel's External Communications Manager, Kurnia Purwanto, on November 10 and 11, 2025, but has not received a response. In the Tempo report dated November 9, 2025, titled "Merger GoTo-Grab Setelah Jaksa Menyelidiki Investasi Telkomsel” (GoTo-Grab Merger After Prosecutors Investigate Telkomsel's Investment), the President Director of Telkomsel, Nugroho, only gave a brief answer. "I need to have internal discussions first," he said on Saturday, November 8, 2025. Media Relations Head of GoTo Group, Amanda Valani, also did not provide an explanation when contacted by Tempo on Tuesday, November 11, 2025.
Tempo also tried to seek clarification from Gojek's founder, Nadiem Makarim, regarding whether the Attorney General's investigators also inquired about this investment in the examination of the corruption case involving the procurement of Chromebooks that ensnared him. However, Nadiem did not respond when asked by journalists at the Central Jakarta District Attorney's Office on Monday, November 10, 2025.
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