Temasek Holdings to pay Indonesia fine
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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).
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Ok, my fellow citizens, get ready to pay more and more to cover up their losses.
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onli paper lost la, got plenty paper to lose, no probom
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reported in the papers?
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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
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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.
