Temasek Holdings to pay Indonesia fine

[Balllessme]

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).

 

[eErotica69]

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

http://www.channelnewsasia.com/stories/afp_singapore_business/view/1105381/1/.html

 

[†††††]

All be good

 

[Thick Face Black Heart]

More of our reserves just got flushed down the drain.

Imagine how many social programmes the govt could have implemented if they had used the money to benefit Singaporeans instead.

 

[red amoeba]

enlighten me...are we guilty as charged by Indon?

why r we paying the fine if we are not? If we pay, it only shows we are guilty?

Who is responsible for this 1.6billion? Can the opp MPs pls table this during parliment?

After we gave them 5m? or is it 50m and rendered humanitarian aids during the tsunami....

 

[halsey02]

That means you guys will get your CPF in the year 25 25...if you are still alive!!

 

[cass888]

That means you guys will get your CPF in the year 25 25...if you are still alive!!

Only losers like you will think the government is after your CPF money. 75% of ours have gone to Hong Leong and Far East.

 

[halsey02]

Only losers like you will think the government is after your CPF money. 75% of ours have gone to Hong Leong and Far East.

I didn't think, I donated to the government....what losers...I support the SINgapore economy with my hard earned , blood , sweat, tears..it is people like you, who doesn't know what hard work is...and how it is like to live through turbulent times...:p

 

[shOUTloud]

enlighten me...are we guilty as charged by Indon?

why r we paying the fine if we are not? If we pay, it only shows we are guilty?

Who is responsible for this 1.6billion? Can the opp MPs pls table this during parliment?

After we gave them 5m? or is it 50m and rendered humanitarian aids during the tsunami....

without prejudice - means lan lan. Pay up but still claim it is unfair, not right, etc etc

 

[KuanTi01]

What a loser! Spend so much time and money protesting their innocence all just for wayang kulit! When you are in the lion's den, you better don't argue so much before they kick your arse! Lost billions and fined millions!What a sterling performance!

 

[Watchman]

What is 2 billion fine when you have 6000 billion and more ?

 

[halsey02]

What is 2 billion fine when you have 6000 billion and more ?

Their money....?? I thought we paid for an ultra expensive jaga to guard the 'safe'? & where did they get the spare key??

 

[tonychat]

Good luck to those worthless , useless sinkies who pay tax to fund this bullshit. Smart ones are those who has left and didn't pay a single dime of tax to the sinkie govt. ahhahahahahah

 

[ginfreely]

Imagine how many social programmes the govt could have implemented if they had used the money to benefit Singaporeans instead.

Yeah, they can't fight outsiders, only how to squeeze own people.

 

[halsey02]

Yeah, they can't fight outsiders, only how to squeeze own people.

At home they have an 'old broken down wind up record player' who plays dirge all day long at election time, to scare the wits out of the legion of minons.:p

 

[spotter542]

The weekly takings from 4D , Toto and Turf Club should be enough to cover the losses.
That's what you get when you have Ho Jinx at the helm , then again , I guess it runs in the famiLEE

 

[Ramseth]

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.

I find the exchange rate incredible.

 

[GoldenDragon]

Their money....?? I thought we paid for an ultra expensive jaga to guard the 'safe'? & where did they get the spare key??

Jaga went AWOL. He said we didn't pay him well enough and wants more $$$.

 

[tonychat]

I find the exchange rate incredible.

I find the way sinkie govt do things is incredible. They lose money in almost everything they try out and yet it speople still pay taxes for it.

Maybe there is no sign board telling sinkie what to do in such a situation. SO sinkie just stand there in dormant mode.

 

[halsey02]

Jaga went AWOL. He said we didn't pay him well enough and wants more $$$.

Wonder if jaga is sleeping on the portable manila hemp bed ( what's the name again) or a divan with Simmons mattress?? hmmm, no wonder jaga wants more money....last time jaga $50 can watch the place 24 hours...