Prosecutors Reveal Reason Nadiem Did Not Divest Company Shares Whilst Serving as Minister, Answer Is Unexpected

The public prosecutor from the Attorney General’s Office, Roy Riady, believes the economic interest of Nadiem Anwar Makarim, Minister of Education, Culture, Research, and Technology for the 2019–2024 period, in a company affiliated with Google was never severed. This is because Nadiem allegedly retained his share ownership in PT Aplikasi Karya Anak Bangsa, currently named PT Gojek Indonesia, and PT GoTo Gojek Tokopedia Tbk, in order to enjoy their economic benefits. "The interest was merely disguised behind a sheet of irrevocable power of attorney, which is not an instrument to eliminate conflicts of interest, but rather an instrument to conceal control while continuing to reap economic benefits," the prosecutor stated during the session for reading the replication or response to the defence plea at the Corruption Court in Central Jakarta District Court. This response addressed the argument put forward by Nadiem’s legal counsel in their defence note, which claimed their client had no conflict of interest with Google as he only held a minority stake and had provided an absolute irrevocable power of attorney dated 20 October 2019 as a form of conflict-of-interest mitigation. In response, the prosecutor posed a fundamental question that undermined the entire defence construct: if Nadiem truly intended to thoroughly resolve the conflict of interest, why did he only delegate voting rights over his shares and not sell or divest the shares? Furthermore, the prosecutor argued, Nadiem continued to receive benefits and economic gains from PT AKAB. "The answer to this question was provided by the defendant himself during the trial, namely that the defendant deliberately did not sell his shares because he still wanted to enjoy and develop the Gojek business," he said. Consequently, despite having served as Minister, the prosecutor opined that Nadiem remained the hidden controller of PT AKAB and PT Gojek Indonesia through a power-of-attorney mechanism granted to Andre Sulistyo and Kevin Brian Aluwi to represent Nadiem’s voting rights. However, it was stated that both recipients of the power of attorney had to remain under Nadiem’s control, as they were obliged to report and obtain approval from Nadiem for every corporate action undertaken, so that Nadiem would continue to receive benefits and economic gains from PT AKAB and PT Gojek Indonesia.