Tax Consultant Reveals Reasons for Nadiem's Share Value Surge to Rp 5.2 Trillion
JAKARTA, KOMPAS.com - Tax consultant to former Minister of Education, Culture, Research, and Technology Nadiem Makarim, Ashadi Bunjamin, explained the reasons behind the surge in Nadiem’s share value in 2022.
Ashadi first explained that in 2020, Nadiem’s shares in PT Aplikasi Karya Anak Bangsa (PT AKAB) totalled 58,416 shares with a total value of Rp 1.2 trillion.
“So Mr Nadiem had shares that, if cashed in, were worth Rp 1.2 trillion at that time,” said Ashadi during the continuation of the trial in the alleged corruption case of Chromebook-based laptop procurement at the Jakarta Corruption Court, on Monday (4/5/2026).
Meanwhile, the value per share did not change, so if cashed in, Nadiem’s shares were still worth Rp 1.2 trillion.
“The overall value remained the same, sir. Still Rp 1.2 trillion, but because the number of shares increased, when divided, the value per share automatically becomes smaller,” said Ashadi.
Ashadi emphasised that Nadiem did not spend any money at all to increase the number of shares he owned.
Nadiem’s share value then surged significantly in 2022.
Ashadi said this surge was due to PT Gojek Tokopedia, the new name for PT AKAB, officially listing on the Indonesia Stock Exchange (BEI), or initial public offering (IPO).
“So at the time of the IPO, a new reference price was used. The reference price used then at the IPO was Rp 338, and Rp 338 multiplied by the number of shares owned by Mr Nadiem, which was 15 billion shares, became Rp 5.2 trillion,” explained Ashadi.
“So, the position from the Rp 5.2 trillion at the time of the IPO was placed in BOS, sir. In Bank of Singapore. We divided it into two accounts. So, two accounts: one account with a value of Rp 850 billion, and the other with Rp 4.4 trillion,” said Ashadi.
He emphasised that the increase in Nadiem’s wealth in the form of shares was purely due to the GoTo IPO, not from buying or selling shares.
Ashadi continued that share ownership after the IPO must be recorded in the tax return (SPT) as it is considered a new acquisition even though the shares were owned before the IPO.