18 Jan '11, 11pm

Temasek to pay $2m fine in Indonesia (via ST iPhone App)

Singapore's Temasek Holdings will pay a fine of 15 billion Indonesian rupiah (S$2.1 million) imposed by Indonesia for breaching the country's anti-competition laws. -- ST PHOTO JAKARTA - TEMASEK Holdings on Tuesday said it would pay a 15 billion rupiah (S$2.1 million) fine, in what could mark the end of a long-running saga for the Singapore investment firm. Temasek said it had received word from the Supreme Court that it had rejected the firm's final appeal against a controversial ruling that it had flouted Indonesia's anti-monopoly laws. The country's competition watchdog, KPPU, had ruled in 2007 that Temasek and eight affiliated parties - including subsidiaries ST Telemedia and Singapore Telecom (SingTel) - had breached rules in the telecoms market. On Tuesday, Temasek maintained that it had not contravened the country's anti-monopoly laws. Its senior managing director f...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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