JAKARTA – Travel Circle International (Mauritius) Ltd. was sanctioned by the Indonesian Competition Commission (KPPU) for its late notification regarding shares acquisition of DEI Holdings Limited. This verdict indicates that TCI has now received its second sanction by KPPU within these four months.
Deswin Nur, the Head of Public Relations and Cooperation Bureau of the commission, stated that the Commission Council sanctioned TCI of IDR 1 billion due to delayed notification regarding DEI Holdings Limited’s acquisition. “TCI has been validly and convincingly proven guilty of violating Article 19 Act No.5/1999 juncto. Article 5 of Government Regulation No.57/2010,” Nur explained.
According to Nur, TCI acquired DEI’s shares on March 28, 2019, yet only notifying KPPU by December 12, 2019. The notification should be sent out at least by May 14, 2019.
The sanction forced TCI to pay the fine to the state treasury by no later than 30 days after the decision of permanent legal force has been made. Prior to this case, TCI has been fined IDR 1 billion after belatedly notifying the acquisition of Asian Trails Holding Ltd.’s shares. (LK/ZH)