Indonesia’s anti-monopoly agency, KPPU, is considering seizing the assets of Singapore-owned investment company Temasek Holdings over an outstanding fine of about Rp120bn (US$13m), according to local reports.
Back in 2007, KPPU found that Temasek…
Indonesia’s anti-monopoly agency, KPPU, is considering seizing the assets of Singapore-owned investment company Temasek Holdings over an outstanding fine of about Rp120bn (US$13m), according to local reports.
Back in 2007, KPPU found that Temasek breached antitrust laws as it had indirect stakes in two Indonesian telcos, Telkomsel and Indosat, which allowed it to fix prices.
Temasek appealed the ruling but in May 2010 but the Supreme Court of Indonesia upheld the agency’s decision and ruled that the company should pay a fine.
In case the fine is not paid, Temasek will reportedly see some its assets being seized. The company was quoted saying that, so far, it has not received a formal notification from the Supreme Court.
Temasek sold its interest in Indosat to Qatar Telecom in June 2008 but still has a 35% stake in Telkomsel through its unit Singapore Telecommunications (SingTel).
