Nicko Widjaja's legal team protests prosecution in TaniHub investment case
The legal team of former BRI Ventures CEO Nicko Widjaja has protested the criminal charges related to alleged investment corruption in now-bankrupt agritech startup TaniHub Group. The closing statement was submitted by Hotma Sitompoel Law Firm during the trial at the Jakarta Central District Court’s Corruption Court on Saturday, 23 May 2026.
This legal move responds to the Public Prosecutor’s demand on Thursday, 21 May 2026, for an 11-year prison sentence and a Rp1 billion fine. The prosecution claims TaniHub manipulated company data before investor funds were disbursed, causing state losses of Rp290.92 billion at PT MDI Ventures and approximately $5 million (Rp73.3 billion) in BVI investments.
Prosecutors allege the defendants violated prudence principles or fiduciary duty as the investment relied solely on administrative data without verifying actual conditions. Nicko is charged alongside three others—Donald Surjana Wihardja, Aldi Adrian Hartanto, and William Gozali—for the collapse of an investment using funds from a state-owned enterprise subsidiary.
The defence team insists all investment stages followed initial screening, pre-due diligence, and deep due diligence as per the company’s operational guidelines. The investment decision was purely a business action with no bribery, personal fund transfers, or conflicts of interest.
‘Business judgment is not a crime,’ said Nicko Widjaja’s legal team.
Legal team member Ditho Sitompoel added that disregarding the business judgment rule is dangerous as it could deter professionals and harm the investment climate. Venture capital, he said, involves buying shares based on future growth potential, not conventional bank loans.
‘The prosecution’s demands clearly contradict trial facts, are disproportionate, and illogical both legally and rationally, especially as the prosecutors failed to prove elements of unlawful acts, personal enrichment, or abuse of power,’ the legal team wrote.
Meanwhile, Nicko Widjaja expressed disappointment and mental strain in a handwritten letter from prison. The former MDI Ventures leader, who also held roles as Commissioner of LinkAja, Commissioner of PT Arkora Hydro Tbk (ARKO), and AMVESINDO executive, is distressed that institutional decisions that underwent multi-layered reviews are now being criminalised.
‘This human injustice is devastating. For me, my parents, my family, and everyone who has followed this case,’ wrote Nicko Widjaja.
Nicko insisted he acted purely for business with good faith, receiving no personal profit whatsoever.
‘Today I must face the harsh reality that business decisions made through institutional mechanisms, with layered reviews, processes, and approvals, are still being prosecuted as criminal acts,’ Nicko added.
In the letter, he urged the judges to view the issue at its core and assess the case objectively.
‘I struggle to comprehend this. I am disappointed and saddened,’ Nicko wrote.
Various stakeholders and digital economy observers have highlighted the legal proceedings as a major test for startup investment certainty in Indonesia. Business failures are considered normal in the tech industry, especially during a tech winter.
‘I hope this case is viewed at its core. There was no abuse of power, no conflict of interest, no kickbacks, no personal gain, no malice, and all actions were taken in good faith,’ Nicko said.
Other venture capital industry observers echoed similar views on the importance of applying the business judgment rule to protect good-faith business decision-makers.
‘Not all business losses are corruption. The startup world is inherently risky. If all failed investments are criminalised, who will dare to innovate in Indonesia?’ said a digital economy observer.
According to PojokPapua.id and Bloombergtechnoz, the trial for the alleged TaniHub investment corruption case will continue at the Corruption Court with a plea hearing scheduled for 3 June 2026.
‘If there was no malice, no personal gain, and all processes followed corporate mechanisms, then Nicko Widjaja should not be considered a criminal,’ said another venture capital industry source.