JAKARTA - Taiko Plantation Pte Ltd (TP) has been sanctioned by the Business Competition Supervisory Commission (KPPU) for the late report of shares take over of PT Putra Bongan Jaya (PBJ), a palm oil plantation company in Samarinda, East Kalimantan. This was conveyed by Deswin Nur, Head of the KPPU Public Relations and Cooperation Bureau, in a press release quoted on Tuesday (16/3).

He conveyed that the KPPU Commission Council proved that Taiko Plantation had violated Article 29 of Law No.5/1999, concerning Prohibition of Monopolistic Practices and Unhealthy Business Competition, including Article 5 PP N0.57/2010. “Taiko Plantation acquired 95% of PBJ's shares on July 25, 2018, but it was reported to KPPU on April 8, 2020. The notification should have been made to KPPU on September 6, 2018," explained Nur.

According to him, the sanctions payment, worth IDR 1.5 billion, would be made no later than 30 days after enforced decision (inkracht). In this case, Kodrat Wibowo became the Chairman of Case Council, and Harry Agustanto and Dinnie Melanie as members.

Nur conveyed that the Case Commission Council also recommended so that Minister of Agrarian Affairs and Spatial Planning, regional heads, and KPPU coordinate to map the authority of palm oil land in Indonesia. (LK/VA)