Observers Call Telkomsel's Investment In GoTo Rp6.7 Trillion Troubled, BPK And KPK Asked To Investigate

JAKARTA - The investment of PT Telekomunikasi Selular (Telkomsel) in PT Applications Karya Anak Bangsa (AKAB) alias GoTo of more than Rp. 6.7 trillion is considered odd and has the potential to violate the principles of good governance.

The Supreme Audit Agency (BPK) and the Corruption Eradication Commission (KPK) were asked to conduct audits and legal proceedings against the corporate action of Telkomsel, which is a subsidiary of the state-owned company PT Telkom Indonesia Tbk (TLKM).

"BPK is related to audits of alleged state financial losses. KPK is related to its duties to take action against corruption, collusion and nepotism," said political-economic observer Agustinus Edy Kristianto in his statement to reporters in Jakarta, Tuesday, November 23.

The former Director of the Indonesian LBH Foundation (YLBHI) explained that Telkom controls Telkomsel through majority share ownership of 65 percent. Telkomsel's financial statements are consolidated with Telkom's financial statements.

He also quoted TLKM's Financial Statements for the second quarter of 2021 which stated that there was a placement of Telkomsel's funds in PT AKAB as of December 31, 2020, amounting to Rp. 2.1 trillion in the form of convertible bonds with no interest due on November 16, 2023. equity and share purchase options worth Rp6.75 trillion.

"I suspect there is an irregularity in the process and assessment of Telkomsel's investment," said Agustinus, who is also a social media activist.

Agustinus emphasized that one of the rules that has the potential to be violated is the Financial Services Authority Regulation (POJK) No. 42/POJK.04/2020 concerning Affiliated Transactions and Conflict of Interest Transactions.

"The thing that needs to be questioned is the process and assessment of the fairness of the investment according to the POJK rules. There must be an appraiser to determine the fair value. It must also be announced in the disclosure of information," he explained.

In addition, Agustinus added, the investment process creates legal problems of its own when it is associated with the position of SOE Minister Erick Thohir and his brother, Garibaldi Thohir, who is also the President Commissioner and shareholder of GoTo.

"There is a family relationship that has the potential for nepotism," he said.

The KPK, he added, should be able to investigate the alleged criminal act of nepotism in that case, in addition to the criminal act of corruption. Because, said Agustinus, there is a norm in Law 28/1999 which prohibits ministers as state administrators from engaging in nepotism.

"The maximum penalty is 12 years in prison," said Agustinus.

According to Agustinus, the KPK has sufficient authority and resources to investigate the alleged crime.

"KPK can carry out investigations, investigations, and prosecutions. It has the authority to summon witnesses, examine documents, and so on to find evidence. The state pays the KPK to carry out that function," he said.

This proactive step by the KPK and BPK to investigate alleged violations in Telkomsel's investment will set a good precedent for the realization of the principles of good governance, as well as encourage a healthy business climate in Indonesia.

"Moreover, GoTo will soon have an IPO. Do not let investors get incomplete views or perceptions of the condition of a company. Law enforcement and proactive actions from the competent authorities are needed to encourage the creation of a healthy business climate," said Agustinus.