TaniHub Case Plea: Business Risk and State Losses Remain Contentious

Defendants from venture capital firms emphasised during their plea hearing that there was no bribery, personal financial flow, or conflict of interest in the disputed investment process. All investment stages were in accordance with guidelines and due diligence. Former MDI Ventures CEO Donald Surjana Wihardja, former BRI Ventures CEO Nicko Widjaja, former MDI Ventures Vice President of Investment Aldi Adrian Hartanto, and former BRI Ventures Vice President of Investment William Gozali underwent their plea hearings regarding the equity investment in TaniHub on Wednesday (3/6/2026) at the Central Jakarta District Court. Previously, prosecutors demanded prison sentences of 9-12 years against the former executives. The case involves alleged corruption and money laundering in the management of a total investment fund of 25 million US dollars by MDI Ventures and BRI Ventures into TaniHub Group during the 2019-2023 period. William Gozali’s legal counsel stated he never received a single rupiah from the TaniHub investment. The indictment and prosecution demands did not mention any flow of funds, bribes, or kickbacks to Gozali. The defence argued that losses potentially experienced by TaniHub Group did not stem from Gozali’s personal investment decisions, but from various operational problems and internal corporate governance issues that developed during the business. In carrying out due diligence, BRI Ventures relied on representations and warranties in the shares subscription agreement guaranteeing data accuracy. Court facts showed no indication of inaccurate data presentation by TaniHub Group’s management when BRI Ventures participated in the funding round. The counsel argued that BRI Ventures is not a state-owned enterprise but a subsidiary of the state-owned bank BRI, with no direct state capital participation. The legal team cited Supreme Court jurisprudence establishing that a subsidiary of a state-owned enterprise is not a state-owned enterprise and its losses are not state losses. Nicko Widjaja’s legal team added that the investment loss remained an unrealized loss as BRI Ventures had yet to exit and still held shares. They noted that in the venture capital world, the risk of loss is a normal part of investment, in line with Financial Services Authority regulations. The Indonesian Venture Capital Association (Amvesindo) stated the case is a momentum to clarify the boundaries between investment risk and legal liability in managing state funds.