Temasek Pay Fines Rp15 billion to Indonesia

Singapore-based investment company, Temasek Holdings has paid a fine of Rp 15 billion, equivalent to 2.2 million Singapore dollars for violating the Act anti-competitive in the Indonesian telecommunications sector.

In a statement, quoted by the Straits Times on Saturday (12/02/2011), the establishment of Temasek penalty payment is imposed by the Business Competition Supervisory Commission (Commission).

Known, the Commission decided in November 2007 that Temasek guilty of anti-competitive through the company's interests in the two largest domestic mobile phone operator in Indonesia.

"Temasek has informed the Commission and the Central Jakarta District Court that the State Property agency has admitted receiving payments from the Commission fined Temasek," said Senior Managing Director for Strategic Relations, Temasek Holdings, Goh Yong Siang.

He added that as a long-term investors with a policy made by the appropriate laws and regulations in all relevant jurisdictions, Temasek made payments in accordance with Indonesia's Supreme Court decision recently.

"Although Temasek had not been involved in operational decision-making or the price of PT Telkomsel or PT Indosat, and did not violate anti-monopoly law in Indonesia," he concluded.