- Joined
- Mar 12, 2009
- Messages
- 13,160
- Points
- 0
Indonesian Authorities Evaluating Temasek Assets for Seizure
By Femi Adi - Dec 22, 2010 1:00 AM GMT+0800
Indonesian Authorities Evaluating Temasek Assets for Seizure
The Singapore state-owned investment company lost its final
appeal in the Supreme Court on May 24 for violating antitrust
laws, the Indonesian court said on its website at the time.
Photographer: Munshi Ahmed/Bloomberg
Indonesia’s anti-monopoly agency is evaluating
Temasek Holdings Pte’s assets in the country and
said the government has the right to seize them
if a court-imposed fine isn’t paid. The Singapore
state-owned investment company lost its final
appeal in the Supreme Court on May 24 for violating
antitrust laws, the Indonesian court said on its website
at the time. A fine of 150 billion rupiah ($17 million),
which includes 15 billion rupiah for each of 10
Temasek-linked companies involved in the case,
was set, the anti-monopoly agency said.
“We’re now inventorying Temasek’s assets and
expect to complete that in 2011, and they will be
seized if the fine isn’t paid,” Tresna Soemardi,
the agency’s chairman, said in a phone interview yesterday.
The Indonesian competition regulator KPPU has
said Temasek breached antitrust laws by using indirect
stakes in PT Telekomunikasi Selular, known as Telkomsel,
and PT Indosat, the country’s top two mobile-phone
service providers, to fix prices.
“Temasek has not received official notification from the
Supreme Court,” Goh Yong Siang, Temasek’s senior
managing director of strategic relations, said in an
e-mailed response to queries.
Calls to the Supreme Court after office hours yesterday
weren’t answered. “Once the company has been formally
notified of the fine and doesn’t pay it, the Indonesian
anti-monopoly commission may ask for a court order to
seize the assets,” Muhammad Reza, the agency’s
chief of investigations, said by phone.
Temasek’s Singapore Technologies Telemedia Pte unit
sold its stake in Indosat, Indonesia’s second largest
mobile-phone services provider, to Qatar Telecom QSC
in June 2008 after an earlier district court ruling. A unit
of Singapore Telecommunications Ltd., Southeast Asia’s
biggest phone operator and majority owned by Temasek,
has a 35 percent stake in Telkomsel, the biggest mobile carrier.
Koran Tempo first reported the possible seizure of
Temasek’s assets today.
To contact the reporter on this story: Femi Adi in Jakarta at [email protected].
By Femi Adi - Dec 22, 2010 1:00 AM GMT+0800
Indonesian Authorities Evaluating Temasek Assets for Seizure
The Singapore state-owned investment company lost its final
appeal in the Supreme Court on May 24 for violating antitrust
laws, the Indonesian court said on its website at the time.
Photographer: Munshi Ahmed/Bloomberg
Indonesia’s anti-monopoly agency is evaluating
Temasek Holdings Pte’s assets in the country and
said the government has the right to seize them
if a court-imposed fine isn’t paid. The Singapore
state-owned investment company lost its final
appeal in the Supreme Court on May 24 for violating
antitrust laws, the Indonesian court said on its website
at the time. A fine of 150 billion rupiah ($17 million),
which includes 15 billion rupiah for each of 10
Temasek-linked companies involved in the case,
was set, the anti-monopoly agency said.
“We’re now inventorying Temasek’s assets and
expect to complete that in 2011, and they will be
seized if the fine isn’t paid,” Tresna Soemardi,
the agency’s chairman, said in a phone interview yesterday.
The Indonesian competition regulator KPPU has
said Temasek breached antitrust laws by using indirect
stakes in PT Telekomunikasi Selular, known as Telkomsel,
and PT Indosat, the country’s top two mobile-phone
service providers, to fix prices.
“Temasek has not received official notification from the
Supreme Court,” Goh Yong Siang, Temasek’s senior
managing director of strategic relations, said in an
e-mailed response to queries.
Calls to the Supreme Court after office hours yesterday
weren’t answered. “Once the company has been formally
notified of the fine and doesn’t pay it, the Indonesian
anti-monopoly commission may ask for a court order to
seize the assets,” Muhammad Reza, the agency’s
chief of investigations, said by phone.
Temasek’s Singapore Technologies Telemedia Pte unit
sold its stake in Indosat, Indonesia’s second largest
mobile-phone services provider, to Qatar Telecom QSC
in June 2008 after an earlier district court ruling. A unit
of Singapore Telecommunications Ltd., Southeast Asia’s
biggest phone operator and majority owned by Temasek,
has a 35 percent stake in Telkomsel, the biggest mobile carrier.
Koran Tempo first reported the possible seizure of
Temasek’s assets today.
To contact the reporter on this story: Femi Adi in Jakarta at [email protected].
