GoTo Clarifies Google Investment, Confirms Nadiem No Longer Involved Since Becoming Minister
PT GoTo Gojek Tokopedia has provided clarification following scrutiny of legal proceedings involving its founder, Nadiem Makarim. The company confirmed that Nadiem has relinquished all positions in the company since 2019, when he was appointed Minister of Education, Culture, Research and Technology.
According to a press statement from GoTo titled “GoTo’s Growth Story: Our Journey, Investment History, and Corporate Governance”, management stated that Nadiem has held no role in decision-making within the GoTo Group since October 2019. Furthermore, voting rights over his shareholdings were delegated to co-founders at that time. The company thus affirmed that Nadiem has had no involvement in policy or operations following his ministerial appointment.
This clarification was issued amid public attention to legal proceedings regarding a Chromebook procurement project within the Ministry of Education, Culture, Research and Technology. GoTo stated that this moment was being used to clarify various information regarding the company’s business journey and corporate governance.
Regarding the Google investment, management explained that the global technology company first invested in 2017 and subsequently participated in multiple rounds of funding alongside other global investors. The majority of Google’s investments occurred before 2019, or before Nadiem assumed his ministerial position. GoTo confirmed that Google’s investments were never conducted separately or exclusively, and did not result in Google holding majority shareholding or control.
“Google’s participation in each round of funding was conducted professionally and transparently, without special treatment and in full compliance with applicable laws and regulations,” the management stated.
The company also emphasised that investment proceeds were used for business growth and operational needs, and that all share subscription agreements were executed through standard funding procedures.
GoTo also clarified issues surrounding share transactions with Google. The company stated it never repurchased its own shares from Google. However, two transactions involved purchasing shares of other companies from Google. Firstly, in May 2021, during the merger of Gojek and Tokopedia into GoTo, the company purchased Tokopedia shares from Google, which was then a shareholder in Tokopedia. Secondly, in October 2021, GoTo purchased shares in PT Dompet Karya Anak Bangsa (DKAB), a fintech entity, from several investors including Google, as part of restructuring ahead of the initial public offering (IPO). In both transactions, investors reinvested their funds by purchasing new GoTo shares.
Management added that the relationship with Google dates back to 2015 through the use of cloud computing infrastructure services, digital maps, and digital advertising. Google is described as one of many technology solution providers used by the company. All such service transactions were paid using company funds and recorded according to Indonesian financial accounting standards.
GoTo also explained several operational structural changes made ahead of the 2021 IPO, including consolidation between PT Aplikasi Karya Anak Bangsa (which later changed its name to PT GoTo Gojek Tokopedia) and PT Gojek Indonesia. The company affirmed that all transactions were conducted professionally and transparently, with no shareholders, including Nadiem, receiving proceeds from the internal restructuring transactions.
Management stated that the principle of innovation combined with transparency and strong corporate governance has formed the foundation of GoTo’s growth to date as one of Indonesia’s largest digital ecosystems.