BUMI - PT. Bumi Resources Tbk

Rp 50

0 (0%)

JAKARTA - The Supreme Court (MA) strengthened the Commission for the Supervision of Business Competition's (KPPU) ruling regarding fines imposed on PT Citra Prima Sejati (CPS), a subsidiary of PT Bumi Resources Tbk (BUMI) related to the late notification of the acquisition of 99.96% of PT Buana Minera Harvest shares. This was said by Deswin Nur, Head of the Public Relations and Cooperation Bureau of KPPU, yesterday (24/7).

Deswin Nur said that the acquisition took place on 24 December 2013, which set the notification deadline on 7 February 2014. However, the company only notify KPPU on 26 April 2019.

According to him, due to the late notofication, KPPU imposed a Rp 10.33 billion fine on CPS on 1 October 2019.

He further stated that CPS made an appeal to the Southern Jakarta District Court. However, the court actually strengthened KPPU's ruling through Decision Number 896 / Pdt.Sus-KPPU / 2019 / PN Jkt.Sel, which was read out on 7 January 2020. (LK/AR)