Jakarta (News Today) - Indonesia’s Supreme Court said Monday it had rejected another appeal by Singaporean investment giant Temasek Holdings Pte. Ltd. against rulings that it had breached anti-monopoly laws.
The KPPU ruled in 2007 that Temasek was guilty of engaging in monopolistic practices and anti-competitive behaviour in Indonesia’s cellular phone market through its stakes in two telephone operators.
It ordered the state-linked investment firm to divest its holdings in either PT Telkomsel or PT Indosat, Indonesia’s two largest mobile operators by subscriber numbers. The court ruled against the appeal earlier this month but the decision was only posted on its website on Monday, without explanation.
“Temasek appealed to the Supreme Court but it’s been rejected,” a spokesman for the Anti-Monopoly Commission, or KPPU, said.
Before the initial appeal was turned down, Temasek-owned Singapore Technologies Telemedia Pte. Ltd. sold its stakes in Indosat to Qatar Telecom.
Source : kompas.com
Friday, May 28, 2010
Indonesian Court Shoots down Temasek Anti-Trust Appeal
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