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View all search resultsTaniHub, subsidiaries to pay restitution in venture capital graft case
The court also sentenced each firm with a Rp 1 billion (US$56,447) fine after finding them guilty of receiving benefits from the corruption case surrounding two venture capital arms of state-owned enterprises (SOEs) to the agricultural tech start-up.
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A smartphone shows agricultural tech start-up TaniHub's logo on Oct. 30, 2020. (Shutterstock/farzand01)
T
he Jakarta Corruption Court ordered agricultural tech start-up PT Tani Group Indonesia (TaniHub) and two subsidiaries to pay a total of Rp 364 billion (US$20 million) in restitution in a graft case related to investments from venture capital firms.
During a hearing on Thursday, a panel of judges found guilty the company and its subsidiaries PT Tani Hub Indonesia (THI) and PT Tani Supply Indonesia (TSI) in the case as the firms reaped benefits from investments made by venture capital firms that violated regulations.
“The court hereby sentences the corporate defendants guilty of committing corruption together as indicted by the prosecutors,” Presiding Judge Suwandi said while reading the verdict on Thursday, as quoted by Antara.
The two subsidiaries were also slapped with a Rp 1 billion fine. Should the firms fail to pay the fines within two months after the verdict becomes legally binding, prosecutors can seize their assets to be auctioned off as part of the recovery of the stolen state assets.
On top of the fines, Tani Group was also ordered to pay Rp 23.09 billion in restitutions, while THI and TSI were required to pay Rp 236.91 billion and Rp 77.22 billion, respectively.
The fines slapped on the three companies are in line with the prosecutors’ demand. However, the restitution fees for THI and TSI are different than those demanded by the prosecutors, namely Rp 261.52 billion and Rp 75.29 billion, respectively.
Both prosecutors and representatives of the companies told the judges they would deliberate for a week before deciding whether to appeal the verdict.
