JAKARTA - The Business Competition Supervisory Commission (KPPU) fined PT Lumbung Capital (LC), a subsidiary of PT Bumi Resources Tbk (BUMI) Rp 2.45 billion due to its lateness to inform its acquisition of the shares of two mining companies. The two companies are PT Bintan Mineral Resources (BMR) and PT MBH Minera Resources (MMR).
Deswin Nur, Head of Bureau for Public Relations and Cooperation at KPPU, said that LC acquired 99.92% of BMR shares on 9 June 2014, but it only notified KPPU on 18 July 2019. "KPPU decided that Lumbung Capital was 1,199 days late in carrying out its obligation to give notification," he said in a press release on Monday (18/8).
He further stated that LC also acquired 99.968% of MBH Minera Resources shares on 30 May 2014. However, it only notified KPPU on 26 June 2019 (1,205 days late). Due to this problem, he said, the KPPU fined Lumbung Capital Rp 2.45 billion. (LK/AR)