Prosecutor seeks 11-year prison sentence for ex-BRI Ventures chief Nicko Widjaja - PDI Perjuangan
Prosecutors have sought an 11-year prison sentence and a Rp1 billion fine for former BRI Ventures chief Nicko Widjaja during a hearing at the Corruption Court of Central Jakarta District Court on Thursday, 21 May 2026.
The charges relate to alleged corruption in the investment by the state-owned venture capital firm into agritech startup TaniHub Group, which has since collapsed. Prosecutors detected data manipulation by TaniHub to secure funding before investor money was disbursed.
The state’s losses from the case amount to Rp290.92 billion at PT MDI Ventures and approximately $5 million, equivalent to Rp73.3 billion, in BVI investments. Widjaja is charged alongside three other defendants: Donald Surjana Wihardja, Aldi Adrian Hartanto, and William Gozali.
Prosecutors argue the defendants violated the duty of care or fiduciary duty, as the investment relied solely on Tani Group’s administrative data without adequate verification of the company’s actual condition. The losses from TaniHub’s collapse are deemed state financial losses because the venture capital used funds from a state-owned enterprise subsidiary.
In response, Nicko Widjaja’s legal team from Hotma Sitompoel Law Firm submitted a closing statement during Saturday’s (23 May 2026) hearing. The defence stated all investment stages underwent initial screening, pre-due diligence, and deep due diligence in line with the company’s Operational Guidelines Book.
“Business judgment is not a crime,” said Widjaja’s legal team.
The defence asserted the investment decision was purely a business move. They protested the prosecution’s charges, arguing they ignore trial facts showing no evidence of bribery, funds transferred to defendants’ personal accounts, or conflicts of interest.
“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 illegal acts, personal enrichment, or abuse of authority,” the defence stated.
Ditho Sitompoel, a member of the defence team, added that disregarding the business judgment rule in this case is dangerous as it could deter professionals and damage the venture capital and SOE investment climate. Venture capital involves equity investment based on future growth, not interest-bearing loans like conventional banking.
Meanwhile, Nicko Widjaja expressed his disappointment and mental strain in a handwritten letter from prison.
“The human condition is devastating. For me, for my parents, for my family, and for all who have followed this case,” Widjaja wrote.
The former MDI Ventures leader, who also served as commissioner of LinkAja, PT Arkora Hydro Tbk (ARKO), and AMVESINDO, expressed sadness that institutional decisions that underwent layered reviews are now being criminalised.
“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,” Widjaja added.
Widjaja insisted he acted solely for business purposes in good faith, without personal gain.
“I find this hard to comprehend. I am disappointed and saddened,” Widjaja wrote.
In the letter, he urged the judges to view the case based on fundamentals and assess it objectively.
“I hope this case is viewed based on fundamentals. There was no abuse of power, no conflict of interest, no kickbacks, no personal gain, no malicious intent, and all actions were taken in good faith,” Widjaja stated.
Various stakeholders and digital economy experts have highlighted the case as a major test for legal certainty in startup investments in Indonesia. Business failures are considered normal in the tech industry, especially during a tech winter.
“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 expert.
Venture capital industry observers also echoed this view, stressing the importance of applying the business judgment rule to protect good-faith business decision-makers.
“If there was no malicious intent, no personal gain, and all processes followed corporate mechanisms, then Nicko Widjaja should not be treated as a criminal,” said another source from the venture capital industry.
According to pojokpapua.id and Bloombergtechnoz, the trial for the alleged TaniHub investment corruption case will continue at the Corruption Court, with the defence pleadings scheduled for 3 June 2026.