GoTo Loss, LaNyalla Reminds Telkomsel About Potential Investment Scandals

Chairman of the DPD RI La Nyalla Mattaliti/ Photo: IST

JAKARTA - The corporate action of Telkom's subsidiary, PT Telkomsel (TLKM), which bought shares in a joint venture company Gojek and Tokopedia or GoTo continues to reap polemics.

This happened because the shares of technology issuers PT GoTo Tbk. (GoTo) continues to fall free. GoTo posted a net loss of IDR 40.5 trillion in 2022. The increase in net losses will certainly have an impact on Telkomsel who invested in GoTo.

Telkomsel's corporate action caught the attention of the Chairman of the DPD RI, AA LaNyalla Mahmud Mattalitti, who reminded a number of similar cases that ended up being a legal scandal.

"As experienced by Pertamina's pension fund manager, who also took corporate action by buying shares and then experiencing losses. In the end, the board of directors was punished because they were considered to have 'flirted' in the 600 billion rupiah investment," said LaNyalla, Sunday (26/3/2023).

LaNyalla said that what Telkomsel did was also argued as potential for profit. Corporate action by injecting funds of around Rp. 6.4 trillion to GoTo is argued as part of business development to generate new potential.

"But the fact is that what happened was a new loss. This could be a legal scandal. Especially when it comes to the investment decision, which is said by many circles, there is an investment of interest through the involvement of a number of parties in the Telkom, Telkomsel and GoTo circles," he explained.

The chairman of the East Java Chamber of Commerce and Industry's Advisory Board hopes that patterns like this do not continue to occur in business entities whose majority shares are owned by the government, such as Telkom and others.

"Don't let state-owned companies be affected, so that the state is forced to perform bailouts or injections through PMN continuously due to poor SOE performance because of corporate actions that benefit third parties," concluded LaNyalla. (*)