TEMPO.CO, Jakarta - The Telkom Group investment in Gojek is not yet secure. There are allegations that the investment by the state-owned company stands to make a loss as a result of the fluctuations in GoTo share price. In its Q1 of 2022 financial report, Telkom stated that there was an unrealized loss resulting from GoTo stocks amounting to Rp881 billion.

Rather than having a direct shareholding in the technology company, Telkom’s stake is held by its subsidiary, Telkomsel. But the consequences of what happens in the subsidiary could spread to the parent company. How did we investigate this chaotic investment, which was controversial from the outset?

During 2020-2021, Telkomsel invested US$450 million, or Rp6.4 trillion of funds into Gojek, one of the forerunners of GoTo before it merged with Tokopedia, in the form of convertible bonds which could subsequently be converted into shares.

After Gojek and Tokopedia merged in 2021, Telkomsel converted its bonds into shares. Valuing the share price points to the possibility of future losses for Telkomsel, which will have a financial impact on parent company Telkom.

These potential losses then triggered the chaos of Telkomsel’s investment scheme in GoTo. A number of sources stated that there were problems with the good governance behind this investment decision, including conflicts of interest. The Chief Commissioner of Gojek is Boy Thohir, older brother of State-Owned Enterprises Minister Erick Thohir, who is responsible for Telkom.

There are also suspicions that the funds from Telkomsel were used by GoTo to buy back shares from old investors. In other words, these old investors have been able to make a profit because their shares were purchased at a high price. Conversely, Telkomsel, and Telkom, are in a bind because of the fluctuation of the GoTo share price. And it is apparent that the GoTo share price is in continual decline, and now stands below the price at which it was first sold in the capital market.

How could poor management of this state-owned company result in the people of Indonesia paying the price? We reveal all in this edition. Enjoy the magazine.

Fery Firmansyah

Main Editor

Telkomsel’s Controversial Investment

Is it true that funds invested in Gojek by Telkomsel, a state-owned company, were used to meet Gojek’s obligations to old investors? What are Telkom’s losses from this huge investment?

Why did Telkomsel Invest in Gojek?

It is reported that the Telkomsel’s investment to Gojek to be for long-term cooperation because the business prospects of Gojek following the merger with Tokopedia mean that both will become gigantic companies. But how will Telkomsel make a profit?

OPINION

Questionable Transaction

Conflicts of interest open the door to corruption. Are Telkomsel’s potential losses from the Gojek investment the result of this imprudence?

MARKET PULSE

Profits from Commodities

Indonesia is currently enjoying a trade surplus from the increase in the price of export commodities. So why is there an export ban? A dilemma?