BREAKING NEWS: Temasek Holdings’ assets in Indonesia likely to be seized

According to the latest article by Channel NewsAsia, the Indonesian Anti-Monopoly Agency said it is set to seize assets of Temasek Holdings in Indonesia. The article mentioned that the news came from a report in the Indonesian paper Koran Tempo.

We found the original Koran Tempo report titled “KPPU will seize Temasek Holdings’ assets”.
(the Sub headline reads “Did not pay fines over 10 years”.)

A brief summary of the article is as follows (thanks to a TOC reader who did the translation):

The Supervision of Business Competition (KPPU) and the Central Jakarta District Court(PNJP) will be seizing Temasek Holdings’ assets for monopolizing the telecom industry in 2007. It will be fined Rp 15m. The head of KPPU is currently assessing TH’s assets because Temasek Holdings didn’t pay the fine and refused to coorperate.

The companies who have the pay the fines are ST Telemedia, STT Comm, Asia Mobile. Indo Comm Ltd, Sing Telecom Mobile. Assets will be auctioned. If the amount is stil insufficient, KPPU is not able to take further actions as there is no agreement between Indonesia and Singapore regarding this issue.

The fines total up to Rp 1.8 trillion for the past 10 years but only Rp 10 million have been paid so far.

TOC has contacted the KKPU as well as Temasek Holdings for comments and will keep readers posted for their responses.

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