Kuya Food Express JAKARTA. The Indonesia Stock Exchange (BEI) is currently undertaking a thorough monitoring of alleged financial statement fraud by PT Telkom Indonesia Tbk (TLKM) spanning the fiscal years 2014–2021. This intense scrutiny stems from approximately 140 transactions, amounting to a substantial Rp 5 trillion, which are suspected of lacking economic substance during the stated period. These potentially problematic transactions reportedly took place under the leadership of Alex J. Sinaga and Ririek Adriansyah.
Adding another layer of complexity, these allegations have garnered the attention of prominent U.S. regulatory bodies: the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ). This international oversight underscores the gravity of the suspected financial misconduct facing the Indonesian telecommunications giant.
I Gede Nyoman Yetna, Director of Company Assessment at the Indonesia Stock Exchange, confirmed the BEI’s proactive measures. He explained that the exchange has implemented a series of monitoring and supervisory actions, including conducting a formal hearing with Telkom on April 8, 2026. “The Exchange has submitted several requests for clarification on the case experienced by Telkom and coordinated with the Financial Services Authority (OJK),” Yetna informed reporters on Monday, May 11, 2026.
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In response to the BEI’s inquiries, Telkom provided an information disclosure and a detailed set of responses on May 5, 2026. These responses shed light on various aspects of the ongoing situation:
First, TLKM elaborated on its efforts to strengthen corporate governance through the establishment of a Legal & Compliance Directorate and the appointment of a Chief Integrity Officer (CIO).
Second, Telkom revealed that the SEC investigation commenced in October 2023, initially focusing on the BAKTI Kominfo project. This inquiry subsequently expanded to encompass broader accounting and disclosure issues. Furthermore, since May 2024, the DOJ has also requested information pertinent to the Foreign Corrupt Practices Act (FCPA), signaling a widening scope of the investigation.
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Third, TLKM reaffirmed its commitment to international compliance, emphasizing that as its shares are listed in New York, the company is inherently subject to U.S. capital market regulations, including the FCPA.
Fourth, Telkom confirmed that its clawback policy, which allows for the reclamation of executive compensation under specific circumstances, has been actively in effect since May 30, 2023.
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Fifth, as of the latest update, Telkom stated that it has not yet received any official notification regarding a class-action lawsuit, providing clarity on potential legal challenges ahead.
Sixth, Telkom indicated that the comprehensive evaluation of its drop cable and last-mile assets has been successfully completed. This evaluation has led to a decision for a change in accounting policy, which will be applied retrospectively in the company’s 2025 financial statements, reflecting a significant adjustment to its reporting practices.
Seventh, Telkom also confirmed that it filed a Notification of Late Filing with the SEC on April 30, 2026, requesting additional time to submit its 2025 Form 20-F.
Nyoman further conveyed that the BEI has already submitted follow-up requests for clarification based on Telkom’s recent responses and is presently awaiting additional input from Telkom’s management. “Furthermore, we will always monitor Telkom’s case and take the necessary supervisory actions. We hope the public always pays attention to every information disclosure,” he stressed, highlighting the exchange’s continued vigilance and commitment to transparency.
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Summary
The Indonesia Stock Exchange (BEI) is investigating alleged financial statement manipulation at PT Telkom Indonesia Tbk involving approximately 140 transactions worth Rp 5 trillion between 2014 and 2021. This scrutiny has also attracted the attention of U.S. regulatory bodies, including the SEC and the Department of Justice, due to the company’s international listing and potential violations of the Foreign Corrupt Practices Act. The BEI continues to coordinate with the Financial Services Authority (OJK) to supervise the matter and ensure regulatory compliance.
In response, Telkom has implemented governance reforms, including the appointment of a Chief Integrity Officer and the adoption of an executive clawback policy. The company is currently undergoing accounting policy adjustments related to asset evaluations and has requested an extension for filing its 2025 Form 20-F with the SEC. Telkom maintains that it has not received notification of any class-action lawsuits and remains committed to transparency as investigations proceed.