CPS got fined by KPPU for the third time this year

16 October 2019 13:03

JAKARTA - The Business Competition Supervisory Commission (KPPU) decided to fine  PT Citra Prima Sejati (CPS) Rp 10.33 billion due to its lateness to report the acquisition of PT MBH Mining Resources (MMS) shares. This is the third time KPPU has fined CPS this year.

As quoted from the press release, CPS acquired MMS shares on 24 December 2013 and reported it to KPPU on 26 April 2019. The regulation stated that the acquisition of non-affiliated company's shares should be reported to KPPU at least 30 days after the transaction.

Previously, KPPU had fined CPS for similar cases related to the acquisition of PT Buana Minera Harvest and PT Bisnis Mitra Harvest shares. (LK/AR)

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