Conflict of Interest in Telkom-GoTo Transactions

THERE is an old Minang saying that no matter how well it is hidden, rot is always eventually exposed: nan tabanam ka tabongkok, nan tasuruak ka tabukak.

This is what is behind the collapse of the GoTo share price since it was launched on the stock exchange three years ago. Unfortunately for the public, their money that has been invested has been lost. Telkom Indonesia has also lost out because it bought shares in the Gojek and Tokopedia joint venture through its subsidiary, Telekomunikasi Selular (Telkomsel).

When the markets closed on Friday, November 7, 2025, GoTo shares were trading at only Rp61, a fifth of their value at the time of the initial public offering (IPO), when GoTo attracted public funding of Rp13.7 trillion. In total, the company raised Rp15.8 trillion after selling treasury shares. GoTo claims that it attracted around 300,000 investors with this IPO.

Telkomsel first invested in GoTo in 2020, before Gojek and Tokopedia merged. Initially, Telkomsel injected Rp2.1 trillion into Gojek parent company, Aplikasi Karya Anak Bangsa. A year later, after the Gojek and Tokopedia merger, Telkomsel spent Rp4.3 trillion on GoTo shares, taking its investment to Rp6.4 trillion. Telkomsel acquired 23.7 billion GoTo shares at a price of Rp269 per share. If this is compared with the GoTo share price on November 7, 2025, Telkom’s investment has since plunged more than fourfold.

Why did Telkom invest in a company that has never turned a profit? The Attorney General’s Office (AGO), which has been investigating the matter since 2023, has indicated that there is a conflict of interest because of the affiliation of a number of parties involved in these transactions. The clearest of these is the link between businessman Garibaldi Thohir, who at the time was an Independent Commissioner of Gojek, and subsequently President Commissioner at GoTo, and his younger brother, State-Owned Enterprises Minister Erick Thohir. Then there is Telkom Commissioner Bono Daru Adji, who at the time was a legal consultant for the GoTo IPO.

And we must not forget Pandu Sjahrir, who is a commissioner at the Indonesian Stock Exchange. Pandu held shares in Gojek as well as being one of its commissioners. When Gojek and Tokopedia merged, he became the President Commissioner at GoTo subsidiary GoTo Financial. AGO documents show that Toba Bara, a company affiliated with the then Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan, Pandu’s uncle, was a shareholder in Gojek parent company, Aplikasi Karya Anak Bangsa.

Because of these conflicts of interest, Telkom’s investment decisions should be called into question because they were not based on the principles of good corporate governance. And as a result, there are allegations that Telkom was “forced” to acquire GoTo shares to save existing investors.

The red carpet was rolled out for GoTo when it was listed on the stock exchange. If the old rule was applied, GoTo would not have been listed on the main board because the company had yet to make a profit, at least in the previous year. The Indonesian Stock Exchange changed this rule. Although it was still running at a loss, GoTo was allowed to offer its shares on the exchange. The AGO said that this change was the result of “influence from powerful people,” referring to the big bosses.

The company’s valuation was also “improved” by including goodwill, an intangible asset that is a competitive advantage for a company. As a result, GoTo’s total asset value soared from around Rp30 trillion to approximately Rp148 trillion. This fantastic figure misled inexperienced investors. The fact is that the company is not in good shape. As of the third quarter of this year, GoTo’s losses total Rp775 billion.

Those responsible for leading Telkom into this loss—through the placement of Telkomsel funds in Gojek and then GoTo—must be held accountable. It is only right that the former shareholders who cashed out early should buy back Telkomsel’s GoTo shares at the original purchase price. Otherwise, Telkomsel’s funds will remain hostage in GoTo, and the realization of state losses is only a matter of time.

This entire entanglement is also a result of the Financial Services Authority’s (OJK) lack of courage. The supervisory body failed to prevent GoTo from listing on the stock exchange despite numerous irregularities. Even a glaring conflict of interest did not prompt OJK to act. As a consequence, Telkom is now on the brink of massive losses, and public investors are left unprotected.