By Jonathan Peeris | Posted: 18 January 2011 1247 hrs
SINGAPORE:
Singapore's Temasek Holdings said Tuesday it will pay a fine of 15
billion Indonesian rupiah (US$1.7 million) 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.
Temasek appealed against that ruling in May 2008 but was turned down later that year.
It
then applied to the Indonesian Supreme Court for a civil review of the
decision. The application was rejected in May last year.
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 per cent of Telkomsel via its 56-per cent owned unit Singapore Telecommunications Ltd. (SingTel).
-AFP/CNA/ac
wow astounding news !!!
Why is Indonesia taking over something which Temasek had already sold its stake to someone else? What is the real truth behind it? Another Shin Corp?
Money
cos the fine payment got into e public domain riao ma..