Indonesia’s UangTeman under scrutiny over alleged tax evasion

Photo credit: UangTeman

UangTeman, a troubled Indonesian online lender, is under scrutiny for alleged income tax evasion. The country’s tax authorities have contacted its shareholders, including Alpha JWC Ventures, for the investigation, Tech in Asia has learned.

An Alpha JWC Ventures spokesperson said the company was informed about the matter “very recently” by the tax authorities.

“We are currently in talks with tax authorities to gain more clarity,” the spokesperson told Tech in Asia. The VC firm, which invested in UangTeman’s seed and series A rounds, said it has also conducted its own investigations.

According to one source, UangTeman hasn’t paid its income tax since 2020 despite having provided evidence to employees that income taxes were deducted from their pay. Since December 2020, the company hasn’t paid around 100 former workers their salaries, totaling approximately 5 billion rupiah (US$330,000), the source added.

CEO Aidil Zulkifli is understood to be uncontactable.

UangTeman stopped its loan services in late 2020. Its lending license was also revoked by Indonesia’s financial services authority in March 2022. The company initially sued the authority over the revocation, but its lawsuit was rejected by the court.

See also: Deep Dive: The plight of Indonesia’s UangTeman

For past Tech in Asia coverage of UangTeman, head here.

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,775 rupiah.