Acquisition notification is overdue, BGA is fined IDR 3 billion
JAKARTA – PT Bumitama Gunajaya Agro (BGA) is sanctioned with an IDR 3 billion fine for the late notification regarding the acquisition of three palm plantation companies in West Kalimantan, Central Kalimantan, and Riau.
Deswin Nur, Head of Public Relation and Cooperation Bureau of Indonesian Competition Commission (lit. Komisi Pengawas Persaingan Usaha/KPPU), claimed that BGA has been legally and convincingly proven guilty of violating Article 29 Laws No.5/1999 Jo. Article 5 Government Regulation (PP) No.57/2010. “The fine should be transferred to the state treasury no later than 30 days after the legal decision takes effect,” he further explained in the press release quoted Thursday (30/6).
BGA reportedly acquired PT Ladang Sawit Mas (LSM) on August 10, 2012. However, the acquisition notification was sent on May 6, 2021, 2,023 days past the deadline, which supposedly fell on September 21, 2012.
Furthermore, BGA is said to be 919 days late to notify KPPU regarding the acquisition of PT Agriplus on March 31, 2021. The notification should have been received by KPPU by May 25, 2017, following the corporate action that took place on April 12, 2012.
Lastly, BGA also acquired PT Hungarindo Persada (HP) on June 14, 2017, and notified KPPU on March 31, 2021, which was 881 days overdue from the supposed notification deadline on July 26, 2017. (LK/ZH)