Rancak Media – A hearing in the alleged corruption case involving the procurement of Chromebook laptops, which implicates former Minister of Education, Culture, Research, and Technology (Mendikbudristek) Nadiem Makarim, reconvened at the Jakarta Corruption Court on Monday, May 4, 2026.
A significant surge in the value of Nadiem Makarim’s shares in PT Gojek Tokopedia became a focal point during the proceedings. His shareholdings reportedly skyrocketed from an initial valuation of IDR 1.2 trillion to IDR 5.2 trillion. By 2023, the value of Nadiem’s shares had decreased to IDR 4.9 trillion following a sale.
The following explanation was provided by Nadiem’s tax consultant regarding the substantial increase in the former minister’s share value.
The Reason Behind Nadiem’s Soaring Share Value
Nadiem Makarim’s tax consultant, Ashadi Bunjamin, detailed the factors contributing to the surge in Nadiem’s share value in 2022. Ashadi first clarified that in 2020, Nadiem held 58,416 shares in PT Aplikasi Karya Anak Bangsa (PT AKAB), valued at a total of IDR 1.2 trillion.
“So, Mr. Nadiem owned shares that, if cashed out, were valued at IDR 1.2 trillion at that time,” Ashadi stated during the continuation of the trial for the alleged corruption in the procurement of Chromebook-based laptops at the Jakarta Corruption Court on Monday, May 4, 2026.
In 2021, PT AKAB underwent a restructuring process, which included a stock split. Nadiem’s shareholding of 58,416 shares was then divided into 15 billion shares. Crucially, the per-share value remained unchanged, meaning the total cash-out value of Nadiem’s shares still amounted to IDR 1.2 trillion.
“The overall value remained the same, sir. It stayed at IDR 1.2 trillion, but because the number of shares increased, the per-share value automatically became smaller when divided,” Ashadi explained. He emphasized that Nadiem did not invest any additional funds to increase his share count.
“It was only explained at the time that this was a stock split, with no money coming in or going out from Mr. Nadiem to increase the value to that extent,” he added.
Nadiem’s share value then experienced a significant surge in 2022. Ashadi attributed this spike to the official listing of PT Gojek Tokopedia, the new name for PT AKAB, on the Indonesia Stock Exchange (IDX) through an Initial Public Offering (IPO).
“So, at the time of the IPO, a new benchmark price was used. The benchmark price used during the IPO was IDR 338. Then, IDR 338 multiplied by the 15 billion shares held by Mr. Nadiem resulted in a value of IDR 5.2 trillion,” Ashadi elaborated.
Subsequently, the shares valued at IDR 5.2 trillion were divided into two accounts held at the Bank of Singapore (BOS), one with a value of IDR 852 billion and the other IDR 4.4 trillion.
“So, the position, which was IDR 5.2 trillion at the time of the IPO, was placed in this BOS, sir. At the Bank of Singapore. We divided it into two accounts. So, there were two accounts, one with a value of IDR 850 billion, and the other with IDR 4.4 trillion,” Ashadi stated.
He reiterated that the increase in Nadiem’s wealth, in the form of shares, was solely due to GoTo’s IPO, not from any buying or selling of shares. Ashadi further noted that the post-IPO shareholding needed to be declared in the tax return (SPT) as a new acquisition, even though the shares were held prior to the IPO.
However, in 2022, Nadiem paid a tax of 0.5 percent, commonly known as the “founder’s tax.” This tax payment of IDR 26 billion was recorded in the share sales column of the tax return because the SPT reporting form did not provide a specific column for other descriptions.
“From IDR 5.255 trillion, multiplying by 0.5 percent gives IDR 26 billion. Here, the column in the SPT does not have any other column besides share sales on the stock exchange. So, if you were to look for it in the SPT format, there has never been another column besides this one for transactions on the stock exchange,” Ashadi explained.
Ashadi clarified that the division of shares into two accounts at BOS was recorded in the SPT due to the change from physical share certificates to non-physical, or scripless, holdings.
“At the time of the IPO, the shares automatically became scripless, meaning electronic. That’s why we recorded it here (in the SPT),” Ashadi said. He also mentioned that Nadiem did not engage in any share purchases or sales between 2018 and 2022.
In 2023, Nadiem’s wealth decreased to IDR 4.9 trillion due to the sale of a portion of his shares in GoTo. “In 2023, the value decreased to IDR 4.9 trillion. The value of his assets, his wealth, which was IDR 5.2 trillion in 2022, became IDR 4.9 trillion due to the sale of shares,” Ashadi stated.
Chromebook Indictment
In the ongoing case, former Mendikbudristek Nadiem Makarim, along with three other defendants, is accused of causing state financial losses amounting to IDR 2.1 trillion. Nadiem is alleged to have enriched himself by IDR 809 billion, a figure reportedly derived from Google’s investment in Gojek, or PT AKAB. Meanwhile, Mulyatsyah is said to have received USD 120,000 and USD 150,000.
Nadiem is accused of abusing his authority, which allegedly led to Google becoming the sole provider of Information and Communications Technology (ICT) procurement, including laptops, within Indonesia’s technology ecosystem. This was purportedly achieved by directing procurement studies towards a single product, namely Chrome-based devices, which are a Google product.
These actions were allegedly carried out by Nadiem in conjunction with three other defendants: Ibrahim Arief, former Technology Consultant within the Ministry of Education, Culture, Research, and Technology; Mulyatsyah, Director of Junior High Schools at the Ministry of Education, Culture, Research, and Technology from 2020–2021 and Budget User Authority (KPA); and Sri Wahyuningsih, Director of Primary and Secondary Education at the Ministry of Education, Culture, Research, and Technology from 2020–2021 and KPA.
For their alleged actions, Nadiem and the other defendants are charged under Article 2 Paragraph (1) and Article 3 in conjunction with Article 18 of Law Number 31 of 1999, as amended by Law Number 20 of 2001, concerning Amendments to Law Number 31 of 1999 on Eradication of Corruption Crimes, in conjunction with Article 55 Paragraph (1) of the 1st Criminal Code.
This article was originally published on Kompas.com.
Summary
Nadiem Makarim’s share value in PT Gojek Tokopedia surged from an initial IDR 1.2 trillion to IDR 5.2 trillion in 2022. This increase was attributed by his tax consultant, Ashadi Bunjamin, to the company’s Initial Public Offering (IPO) on the Indonesia Stock Exchange. Prior to the IPO, Nadiem held 58,416 shares in PT AKAB, which were later split into 15 billion shares following a restructuring in 2021. The total cash-out value remained IDR 1.2 trillion until the IPO established a new benchmark price of IDR 338 per share, leading to the significant valuation jump.
The substantial share value was subsequently divided into two accounts at the Bank of Singapore. Nadiem paid a 0.5 percent “founder’s tax” of IDR 26 billion on this increased wealth, recorded in the tax return under share sales due to form limitations. In 2023, his shareholding value decreased to IDR 4.9 trillion due to a partial sale. This explanation was provided during a hearing for an alleged corruption case involving Chromebook laptop procurement, where Nadiem is also accused of abusing his authority, potentially causing state financial losses.
