Secretary General of the Federation of State-Owned Enterprise Workers, Indonesia Raya, Ridwan Kamil, is urging the Investment Management Agency of Anagata Nusantara (Danantara), as the shareholder, to intervene in resolving the alleged corruption case related to the investment by the Indonesia Investment Authority (INA) in PT Kimia Farma (Persero) Tbk and PT Kimia Farma Apotek in 2023.
The union requests Danantara to conduct a comprehensive evaluation, including of the current and former board of directors and commissioners of Kimia Farma who are suspected to be involved.
"PT Bio Farma (Persero) must acknowledge its total failure in carrying out its role as the pharmacy SOE holding. Instead of bringing progress, since under Bio Farma, Kimia Farma and Indofarma, and possibly Bio Farma entities, have actually plummeted into the abyss of bankruptcy," he said in a written statement quoted on Sunday, August 10, 2025.
In addition, Kamil is pressing the Attorney General's Office to thoroughly investigate the alleged corruption amounting to Rp 1.86 trillion. Kamil urges the prosecution not to investigate this case half-heartedly. "Investigate everything suspicious in Kimia Farma, delve into everything until everything is fully revealed," he said.
On the other hand, Kamil believes that this case adds to the list of problems in the pharmacy SOEs. Previously, other entities in the pharmacy SOEs, such as Indofarma, were involved in a corruption case amounting to Rp377 billion. "It is possible that even in Bio Farma as the holding of Kimia Farma and Indofarma, there are similar problems," he added.
Prior to this, the Head of the Legal Information Center of the Attorney General's Office, Anang Supriatna, confirmed that the institution is currently investigating the alleged corruption in Kimia Farma and Kimia Farma Apotek. "It is still under investigation," he said when contacted on Friday, August 8, 2025.
In a letter signed by the Deputy Attorney General for Special Crimes Investigations to the Director of Investigations, Abdul Qohar, investigators have been probing this case since March 2025. This is stated in the Investigation Order Number: Prin-6/F.2/Fd. 1/03/2025 dated March 19, 2025. Investigators have also summoned several witnesses from Kimia Farma and its subsidiary.
The INA investment transaction amounting to Rp1.86 trillion, equivalent to a 40 percent stake in PT Kimia Farma Apotek (KFA), took place on February 23, 2023. At that time, Kimia Farma (KAEF) released shares of Kimia Farma Apotek and issued new shares for KFA, which were then taken by the Indonesia Investment Authority (INA) and the Silk Road Fund Co. (SRF) group, which is a Sovereign Wealth Fund (SWF) owned by China.
Through the completion of this investment transaction, INA and SRF officially became strategic investors in KAEF and KFA by taking part in the issuance of Mandatory Convertible Bonds (OWK) by KAEF and acquiring a 40 percent stake in its subsidiary, KFA. The value of this transaction reached Rp1.86 trillion.
David Utama, who was the President Director of KAEF at the time, stated that this investment was aimed at accelerating access to healthcare services throughout Indonesia. He believed that healthcare services offer attractive opportunities for investors due to the expanding market size and middle class.
"Through this investment, INA aims to accelerate access to healthcare services throughout Indonesia, optimize its retail network and distribution channels, and expedite the digitalization of the healthcare service system to reach a wider range of patients and customers," said Ridha in a written statement on February 23, 2023.
Meanwhile, the Chairperson of The Board of Directors of SRF, Zhu Jun, stated that the collaboration between SRF, INA, KAEF, and KFA is a step toward integrating pharmaceutical retail companies and pharmaceutical industry services. She mentioned that KAEF and KFA have great potential.
On the other hand, Zhu added, SRF will provide effective resources to support KAEF and KFA in maintaining the companies' competitive advantages and capturing opportunities in the healthcare industry. "We hope this investment becomes a flagship project of the collaboration between China and Indonesia under the Belt and Road Initiative," said Zhu Jun.
The Silk Road Fund (SRF) is a medium- to long-term joint investment and development fund in China. Through various equity-oriented investment and financing options, the Silk Road Fund provides investment and financing support to promote multilateral and bilateral connectivity between China and other countries, as well as economic and trade cooperation under the Belt and Road Initiative (BRI).