14 Feb '11, 2pm

Anti-competition, anti-bribery laws to get tough in Asia

Anti-competition, anti-bribery laws to get tough in Asia

SINGAPORE: The cost of perceived non-compliance with competition and bribery laws in Asia is set to rise as regulators in the region adopt a more hawkish stance. Analysts expect more cases like the anti-competition fine imposed on Temasek in Indonesia. And going forward, such regulatory action could hold much bigger implications for the companies seen to be infringing the law. Temasek recently paid a fine of US$1.7 million to Indonesian authorities after Indonesia's anti-competition commission KPPU charged it with anti-competitive behaviour in the country. Although Temasek claimed no wrongdoing and appealed, the Indonesian supreme court upheld the ruling. It was a small fine, but experts said it shows authorities in the region want to be seen as tough-minded enforcers. Ken Chia, a Partner at Baker & McKenzie (Singapore), said: "They're obviously trying to establish themsel...

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

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