11 Feb '11, 4am

[CNA] Temasek Holding pays US$1.7m fine to Indonesia State Treasury

SINGAPORE: Temasek Holdings said it has made payment of a US$1.7 million fine to the Indonesia State Treasury after Indonesia's Supreme Court upheld a previous ruling that said it had breached anti-monopoly laws. Indonesia's Anti-Monopoly Commission (KPPU) had previously ruled that Temasek violated the country's antitrust laws. This was in the country's cellular market through two Indonesian telcos - Telkomsel and Indosat. The regulator said that both companies were controlled by Temasek through its subsidiaries. Temasek appealed against that ruling in May 2008 and later applied to the Indonesian Supreme Court for a Civil review of the decision but was rejected both times. In an email statement released on Friday, Temasek said it has informed both the KPPU and Central Jakarta District Court that the fine has been paid. Temasek's Senior Managing Director of Strategic Relati...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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