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View all search resultsProsecutors detain three more in TaniHub graft probe
South Jakarta prosecutors detained three more executives of SOE-backed venture firms in a graft probe over Tanihub investments, spotlighting governance risks in the country's start-up sector.
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Farmer partners of TaniHub pose for a picture at a lettuce farm in Bedugul, Bali, in a photo from 2020. (Courtesy of TaniHub)
T
he South Jakarta District Attorney’s Office (DAO) has detained three more suspects and placed them in custody in a graft and money-laundering probe involving investments by state-owned venture capital firms into the now defunct agritech start-up PT Tani Group Indonesia (Tanihub).
The case centers on US$25 million in investments made between 2019 and 2023 by state-owned venture capital firms BRI Ventures and MDI Ventures into Tanihub and its affiliates, which prosecutors allege involved irregularities and breaches of investment rules.
The new suspects were identified only as NW, former CEO of BRI Ventures, the venture capital arm of state-owned lender Bank Rakyat Indonesia (BRI), WG, a former vice president of investment at the same firm, and AAH, who served as vice president of investment at MDI Ventures, a venture arm of state-controlled PT Telkom Indonesia, in 2021.
Read also: South Jakarta prosecutors detain three in TaniHub graft probe
Prosecutors alleged NW approved an unlawful $5 million investment by BRI Ventures in Tanihub and that WG was part of the team that conducted due diligence on the proposal, while AAH was responsible for investment analysis at MDI Ventures.
NW and AAH were placed in detention at the Cipinang detention center in East Jakarta, while WG was to be held at Cipinang penitentiary from Wednesday until Sept. 22.
“The investigation continues, including measures to secure additional evidence and identify related assets,” South Jakarta District Attorney Iwan Catur Karyawan said on Wednesday in a statement.
