19 Jan '11, 2am

Temasek will pay $2.1 million Indonesian fine

SINGAPORE - Temasek Holdings will pay a 15 billion rupiah ($2.1 million) fine after Indonesia's Supreme Court upheld a previous ruling that found that it had breached anti-monopoly laws. Indonesia's Anti-Monopoly Commission (KPPU) had previously ruled that Temasek violated the country's anti-trust laws, as two Indonesian telcos - Telkomsel and Indosat - were controlled by Temasek through its subsidiaries. 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, which was rejected in May last year. In a statement yesterday, Temasek's senior managing director of strategic relations, Mr Goh Yong Siang, said that the company was "disappointed that its application for the review has been rejected as it has not contravened Indonesia's anti-monopoly laws". He added tha...

Full article: http://www.todayonline.com/Business/EDC110119-0000252/Tem...

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