SINGAPORE: Singapore's Temasek Holdings said Tuesday it will pay a fine of 15 billion Indonesian rupiah ($1.66 billion) imposed by Indonesia for breaching the country's anti-competition laws.
The state investment company decided to pay the fine after Indonesia's Supreme Court rejected its application to review the ruling by a competition watchdog that it had breached rules in the telecoms market, Temasek said.
"Temasek is
disappointed that its application for civil review has been rejected as
it has not contravened Indonesia's anti-monopoly laws," said Goh Yong
Siang, senior managing director for strategic relations.
"As an
international investor, Temasek continues to comply with the laws and
regulations of Indonesia in its activities in Indonesia, and will duly
follow up to pay the KPPU fine without prejudice to its legal position,
and reserves all its rights," he said in a statement.
The
competition watchdog KPPU ruled in November 2007 that Temasek was guilty
of anti-competitive behaviour in Indonesia's cellular phone market by
holding stakes in the two biggest domestic mobile phone operators.
Last month, the KPPU said it was considering seeking a court injunction to seize Temasek assets equivalent in value to the fine.
In
addition to the fine, the KPPU ordered Temasek to divest its holdings
in either PT Telekomunikasi Selular (Telkomsel) or PT Indosat.
Singapore
Technologies Telemedia, a wholly-owned unit of Temasek, sold off its
interest in PT Indosat to business partner Qatar Telecom in June 2009.
Temasek indirectly holds 35 percent of Telkomsel via its 56-percent owned unit Singapore Telecommunications Ltd. (SingTel).
-AFP/ac
Ok, my fellow citizens, get ready to pay more and more to cover up their losses.
onli paper lost la, got plenty paper to lose, no probom
reported in the papers?
Temasek pays KPPU fine, maintains that it did not violate Indon laws
Temasek Holdings says it has made payment of a US$1.7 million fine to the Indonesia State Treasury after Indonesia's Supreme Court upheld a previous ruling that said it had breached anti-monopoly laws.
Indonesia's Anti-Monopoly Commission, or KPPU, had previously ruled that Temasek violated the country's antitrust laws.
This was in the country's cellular market through two Indonesian telcos - Telkomsel and Indosat.
The regulator said that both companies were controlled by Temasek through its subsidiaries.
Temasek appealed against that ruling in May 2008 and later applied to
the Indonesian Supreme Court for a Civil review of the decision but was
rejected both times.
In an email statement today, Temasek says it has informed both the KPPU
and Central Jakarta District Court that the fine has been paid.
Temasek's Senior Managing Director of Strategic Relations, Goh Yong
Siang says although the firm made the payment in compliance with the
recent Indonesia Supreme Court ruling.
Temasek still contends that it has never been involved in the
operational or pricing decisions of either Telkomsel or Indosat, and has
not contravened Indonesia's anti-monopoly laws.
-- 938Live
Originally posted by Askingyouto:Ok, my fellow citizens, get ready to pay more and more to cover up their losses.
Pay more GST after election.
GST: Go Sue Temasek.
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