JAKARTA - The Financial Services Authority (OJK) is asked to oblige banks to continue to submit a notification of merger, consolidation, or takeover to the Business Supervision and Competition Commission (KPPU) even in the midst of the COVID-19 pandemic.
According to Guntur Saragih, a member of the KPPU, banks have to continue to submit notification even though OJK was given the authority to give written orders to banks to carry out corporate actions in anticipation of an economic slowdown.
"The KPPU confirms that the handling of financial system stability issues through mergers, consolidations, and takeovers by financial service institutions must be notified to KPPU as mandated by Law No.5 / 1999," he said in a press release quoted on Monday (8/6).
Since the beginning of March 2020, KPPU has received 56 notifications for various types of transactions such as mergers, takeovers of shares, and transfers of productive assets. This shows that the notification process was not affected during the pandemic. (LK/AR)