Jakarta court rejects Temasek's appeal on Indonesian telco s
-
SINGAPORE: A Jakarta court has turned down an appeal by Temasek Holdings and ruled that the Singapore investment company must sell or reduce its stakes in two Indonesian telecom companies.
The Central Jakarta District Court ruled on Friday that Temasek must either sell its stake in Indosat or Telkomsel, or halve its shareholdings in both companies. The court also said that Temasek has 12 months to do so.
Earlier, Indonesia's anti-trust watchdog, the KPPU, had said that Temasek must cut its holdings within two years. In addition, Temasek must also pay 15 billion Indonesian rupiah (US$1.6 million) in penalties.
Last November, the KPPU said Temasek had violated cross-ownership regulations in the country's telecoms industry by its indirect ownership of Indosat and Telkomsel.
Temasek owns substantial stakes in SingTel and fully owns Singapore Technologies Telemedia. In turn, SingTel owns 35 percent of Telkomsel, while ST Telemedia's control of Asia Mobile Holdings gives it a 40 percent stake in Indosat.
Responding to the latest ruling, Temasek said in a statement that it is deeply disappointed by the verdict, adding that it will appeal against the district court's decision under the laws of Indonesia and continue to seek legal redress.
Goh Yong Siang, Temasek's managing director, strategic relations, said: "The facts are Temasek has no shares in Indosat and Telkomsel, and plays no role in their business decisions and operations. Telkomsel, in particular, is majority owned by PT Telkom, which in turn is majority owned and controlled by the Indonesian government.
"Both Telkomsel and Indosat are regulated businesses, operating within the guidelines of the Indonesian Telecommunications Regulatory Authority or Badan Regulasi Telekomunikasi Indonesia (BRTI). It is therefore not possible for Temasek to engage in any monopolistic or anti-competitive practices in the Indonesian mobile telecommunications market." - CNA/ir -
idiot also know no point to argue facts with indonesian courts, police, govt ministry or $% .
with all the talent at your disposal you still fail to spot this potentia danger when investing in indonesia directly or indirectly.
how hundreds or billions are lost again after the AIS saga(thai)??
bunch of fools!! i meant temasek.
-
hahaha
-
Why does Ho Ching trust Indonesia?
Maybe she never heard of how Indonesians rape Chinese girls? Organised rapes by their Special Forces. Led by the President's son in law.
Hi Ching, why you play the fool with Singaporean money?
IF you had built a hospital or a school , we would have been grateful. Why spend it anyhow in a low class anti-Chinese country
Ho Ching, O Ho Ching........I cry for you
I also cry for the cash down the longkang
-
Singapore Inc. has again been shown to be a bunch of virginal amateurs waiting to be raped by more experienced entrepreneurs.
This is another display of callous attitude in not performing due diligence, which seems to be the characteristic of the Singapore Inc owned GLCs.
All the GLCs have operated in a protected environment under the protective umbrella of the Ruling Party, which has largely allowed Singaporeans to be subject to the dictates of Government effort to privatise all the essential Public Services.
The pseudo privatisation of the various essential Public Services in Singapore was merely to distance the Singapore Government from being directly blamed for the quality of these essential services - and create an image of the Government being neutral in approving Price Increases for these essential Services.
The entire privatisation effort of these essential services is a sham as the lines of ownership can be traced back to the Singapore Government.
With the familiarity in operating under such protected environment, it is little surprise that the decision makers - of Singapore Inc - believe that they can still operate in this manner in other countries and ignore or circumvent regulatory rules that protect the consumers.
It is clearly to the credit of the Third World Governments of Thailand and Indonesia for establishing watchdog agencies that prevent such monopolistic operators that do not benefit the consumers.
Is this the reason for PM LHL protecting the GIC and Temasek from being more open and accountable to anyone ?
{See the other thread concerning GIC.}
-
Can the Prime Minister tell me whether the money belongs to Singaporeans or to the directors of Temasek?
If the money belongs to Singaporeans then why hide the accounts?
maybe the money all gone?
All gone to the Ang moh monkey Banks.........
Singaporeans can now eat grass ......
-
IF you had built a hospital or a school , we would have been grateful. Why spend it anyhow in a low class anti-Chinese country.
built hospital is like dumping money into a deep well.
invest in indonesia is like dumping money into the pacific ocean.
once again, they prove us they are still a bunch of fools!! i meant temasek!!
-
Can the Prime Minister tell me whether the money belongs to Singaporeans or to the directors of Temasek?
If the money belongs to Singaporeans then why hide the accounts?
not so clear cut. the Money is invested by GIC. some money is flow to Temasek who inturn made the investment. some money is invested directed by GIC such as the recent investment in UBS and citigp.
if you ask me where your money is, some in AIS ( Thai), some in Indo Telco, UBS and citigp, singtel, kep corp, ST Eng, SIA, ......
your investment portfolio is world class!!
-
Temasek to take appeal to the Indonesian Supreme Court
9 May 2008, Singapore
Temasek Holdings is deeply disappointed by the verdict announced today by the Central Jakarta District Court.Goh Yong Siang, Temasek’s managing director, strategic relations, stated, “The facts are Temasek has no shares in Indosat and Telkomsel, and plays no role in their business decisions and operations. Telkomsel, in particular, is majority owned by PT Telkom, which in turn is majority owned and controlled by the Indonesian Government. Both Telkomsel and Indosat are regulated businesses, operating within the guidelines of the Indonesian Telecommunications Regulatory Authority or Badan Regulasi Telekomunikasi Indonesia (BRTI). It is therefore not possible for Temasek to engage in any monopolistic or anti-competitive practices in the Indonesia mobile telecommunications market.”
Temasek will appeal the District Court’s decision under the laws of Indonesia and continue to seek legal redress.
----------------------------
if all else fail... there is still the international arbitration... which would effectively put the entire indonesian legal system on international trial.
in the end...at worst temasek may loose part of its share... but the publicity from such trials will hurt indonesia far more then they can imagine... especially if it goes to international arbitration.
-
Every country has a right to impose anti-monopoly laws. Not as if Temasek's holdings were nationalized by the Indons.
-
too bad they not dealing with matters in the pore. ;)
this matter is in the court of Indon.
This lesson tells me something.
For fear for my life, I cannot say. u guess.
-
has T ever lost a case in the PORE?
Why in indon like that wan?
i no no leh.
-
Jakarta Court turned down Singapore Appeal by refusing to listen to reason in the same way as the government's turning down people's many appeals on its problems without reason.
If government of Singapore doesn't want to govern by reasons and morality at the end it will have to face the same problems with others of higher power or authority and get kicked around in the same way it is kicking its own people around.
Wisdom is made of stuff like morality and goodness and if one is very good don't expect others to treat one well.
-
the money could have been well spent on offsetting hikes in petrol and food prices.
-
ho ching 万�万�万万�!
-
has the gubbymen-related ever lost other case overseas in addition to this?
I do not know of them losing any in the pore.
-
has the gubbymen-related ever lost other case overseas in addition to this?
I do not know of them losing any in the pore.
AIS thailand.
in singapore, you have to ask wht singapore not dare to publicise
-
Originally posted by reyes:
has the gubbymen-related ever lost other case overseas in addition to this?
I do not know of them losing any in the pore.
AIS thailand.
in singapore, you have to ask wht singapore not dare to publicise
is the newz gubby-controlled i wonder?
what does it imply if it is and if it is not?
i no no leh. asking only.
so how world class is the newz?
personallys, I thinks its verys the worlds classes.
Reply/Quote
Reply/Quote