JAKARTA – PT Lestari Gemilang Intisawit (LGI), a palm plantation company, is fined IDR 1 billion following the deferment of the notification of the shares acquisition of PT Nabati Agro Subur (NAS). Deswin Nur, Head of the Public Relations of the Indonesian Competition Commission (lit. Komisi Pengawas Persaingan Usaha/KPPU) relayed the news in the press release quoted Thursday (2/6).
According to Nur, LGI has failed to notify KPPU after acquiring 2,375 shares or 95% of NAS’s shares worth IDR 2.59 billion in total on July 15, 2015. LGI claimed to be uninformed regarding the obligation to report said corporate action. “In the court, LGI admitted to argument points in the notification deferment report,” he explained.
Due to this notification delay, KPPU ruled LGI guilty of violating Article 29 of Law No.5/99 Jo Article 5 of Government Regulation (PP) No.5/2010, and fining LGI IDR 1 billion. The fine will be paid to the state cash no later than 30 days after the legal decision was made.
“The late payment will rest in another fine of 2% of the original amount. LGI also must turn in 20% of the total fine as guarantee should it raise any objection to KPPU’s final ruling,” Nur added. (LK/ZH)