18 Jan '11, 5am

Temasek Holdings to pay Indonesia fine - Channel NewsAsia via @AddThis

SINGAPORE: Singapore's Temasek Holdings said Tuesday it will pay a fine of 15 billion Indonesian rupiah (US$1.7 million) imposed by Indonesia for breaching the country's anti-competition laws. Temasek decided to pay the fine after Indonesia's Supreme Court rejected its application to review the ruling by a competition watchdog that it had breached rules in the telecoms market, Temasek said. "Temasek is disappointed that its application for civil review has been rejected as it has not contravened Indonesia's anti-monopoly laws," said Goh Yong Siang, senior managing director for strategic relations. "As an international investor, Temasek continues to comply with the laws and regulations of Indonesia in its activities in Indonesia, and will duly follow up to pay the KPPU fine without prejudice to its legal position, and reserves all its rights," he said in a statement. The co...

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

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