JAKARTA – The Indonesian Competition Committee (lit. Komisi Pengawas Persaingan Usaha/KPPU) fined PT Inter Sarana Prabawa (ISP) IDR 1 billion. The company, engaged in the forestry sector, is late to notify the acquisition of shares of PT Kusuma Sentral Kencana (KK). The verdict was read during the Assembly Hearing yesterday (14/3).
In the press release quoted Tuesday (15/3), Deswin Nur, Head of Public Relations and Cooperation of KPPU, confirmed that ISP acquired 55% of KK on April 5, 2013. However, the notification arrived as late as November 5, 2021. “It exceed the 30-days limit since the effective juridical transaction date,” he explained.
According to Nur, the acquisition of KK took legal effect on August 20, 2013. Therefore, the obligation to notify the said corporate action should be fulfilled to KPPU at least by October 1, 2013. However, in reality, the said acquisition by ISP was not informed to KPPU until the due date went over.
It was mentioned that ISP is guilty of violating Article 29 Law No.5/1999 juncto Article 5 Government Regulation No.57/2010. “The fine should be paid to the state treasury as the income from violation fines in the business competition field. The fine payment should be made at least 30 days after the permanent legal decision becomes effective,” Nur concluded. (LK/ZH)