Former Minister of Education, Culture, Research, and Technology, Nadiem Anwar Makarim, has firmly denied allegations of corruption, arguing that his consistent transparency serves as proof of his innocence. Throughout his tenure as a state official, Nadiem maintained strict compliance by regularly filing his State Official Wealth Report (LHKPN) with the Corruption Eradication Commission (KPK).
Official KPK records confirm that Nadiem submitted his LHKPN annually between 2019 and 2025. These documents reveal a significant 51% decline in his total reported wealth, dropping from Rp 1.22 trillion in December 2019 to Rp 600.64 billion by February 2025.
During a hearing at the Jakarta Corruption Court on Monday (May 11), Nadiem emphasized his dedication to fiscal transparency, noting that he also consistently reported his finances to the Ministry of Finance via annual tax returns (SPT). “What is the logic in me committing corruption, only to then voluntarily declare those illicit gains in my own tax returns and LHKPN?” he questioned.
Nadiem explained that the vast majority of his wealth is tied to shares in PT GoTo Gojek Tokopedia Tbk (GOTO). He acquired these shares after co-founding PT Aplikasi Karya Anak Bangsa, the parent company of Gojek, in 2015.
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While Nadiem acknowledged that his reported wealth surged to Rp 4.87 trillion in 2022, he clarified that this was an accounting reflection of the market value of his shares, which rose to approximately Rp 300 per share following GOTO’s initial public offering (IPO). He argues that his wealth was “unrealized” and merely a valuation based on fluctuating stock prices on the Jakarta Stock Exchange rather than liquid cash.
“It can be calculated with a simple calculator that my entire wealth hinges on a single figure: the value of GOTO shares on the Jakarta Stock Exchange,” Nadiem stated. Following testimony from the tax consultant who managed his filings, Nadiem asserted that there was never any illicit flow of funds into his accounts.
Challenging the public prosecutor to prove the allegations of illegal receipts amounting to Rp 809 billion, Nadiem dismissed the claims as slander. “It is now proven that I have received no illegal funds of any kind. All of this is merely slander, and I find it deeply insulting,” Nadiem stated during his court appearance on May 4.
Prosecutors have accused Nadiem of personal enrichment, pointing to the Rp 5.59 trillion increase in his 2022 LHKPN. Nadiem countered that this figure was a byproduct of GOTO’s 2021 stock split and the 2022 IPO. He further noted that he held these shares long before his ministerial appointment and only began selling them in 2023, well after the procurement of Chromebooks—the project central to the controversy—concluded in 2022.
Supporting this testimony, Ashadi Bunjamin, Senior Manager at PB Taxand, who has handled Nadiem’s tax and LHKPN filings since 2018, confirmed that Nadiem held 58,416 GOTO shares worth Rp 1.22 trillion in 2020. Ashadi explained that while the number of shares increased to approximately 15 billion units in 2021 due to a stock split, the total valuation remained stable at Rp 1.2 trillion.
Regarding the 327.86% valuation spike to Rp 5.22 trillion in 2023, Ashadi emphasized that it was driven by the share price climbing to Rp 338 following the IPO. “What I want to emphasize is that this increase from Rp 1.2 trillion to Rp 5.2 trillion did not involve any additional capital injection from Mr. Nadiem,” Ashadi concluded.
Summary
Former Minister Nadiem Makarim has denied corruption allegations by highlighting his consistent transparency in filing annual wealth reports (LHKPN) and tax returns. He argues that the fluctuations in his reported net worth are primarily due to the unrealized market value of his GoTo Gojek Tokopedia shares rather than illicit gains. According to his tax consultant, the significant rise in his wealth valuation resulted from stock splits and market fluctuations following the company’s IPO, not from additional capital injections.
During his recent court appearance, Makarim dismissed accusations of receiving Rp 809 billion in illegal funds as slander. He maintained that his shareholdings were established long before he entered public office and that the project under scrutiny concluded before he began divesting his holdings. By emphasizing his cooperation with tax authorities and the KPK, Makarim asserts that his financial documentation serves as definitive proof of his innocence.