JAKARTA – Kuala Lumpur (KL) Plantation Holdings Sdn Bhd is fined IDR 6 billion for the late notification of shares acquisition of PT Perindustrian Sawit Synergi (PSS) and PT Bumi Makmur Sejahtera Raya (BMSJ). The sanction was decided during the Committee Hearing in Indonesian Competition Committee (lit. Komisi Pengawas Persaingan Usaha/KPPU) yesterday (24/2).
Deswin Nur, Head of Public Relations and Cooperation Bureau of KPPU, said that KL is proven to be 638 days late in notifying the commission regarding the acquisition of PSS and BMSJ. “The acquisition of PSS took place on September 25, 2017. According to the rules, KPPU should be notified by November 3, 2017. The acquisition of BMSJ took effect on May 14, 2018, and the notification should be sent out by July 3, 2018. However, it had been revealed that the notification took place on April 15, 2021,” he explained in a press release quoted Friday (25/2).
PSS is a crude palm oil (CPO) refining company located in the bonded zone of East Kalimantan. Meanwhile, BSMJ is a palm plantation and palm oil manufacturer in East Belitung. BMSJ obtains an environment permit for 2,336.62 hectares (Ha) of land in Kempala and 4,840 Ha of land in Gantung, East Belitung. On the other hand, KL Plantation Holdings is a Malaysian-based palm oil manufacturing company. It manages land of 223,964 Ha collectively, spread across Malaysia, Indonesia, and Liberia.
KL evidently violated Article 29 of Act No.5/1999 Jo Article 5 of Government Regulations No.57/2010. “The fine worth IDR 6 billion should be deposited to the state treasury within 30 days after the legal sentence is imposed,” Nur concluded. (LK/ZH)