JAKARTA - PT Hok Tong, a crumb rubber manufacturer in Palembang, is fined IDR 2 billion due to its late notification of acquisition of three companies. The fine should be paid within 30 days at most after the decision of the Indonesian Competition Commission (lit. Komisi Pengawas Persaingan Usaha/KPPU) officially takes legal effect.
Deswin Nur, Head of Public Relations of KPPU, revealed that Hok Tong acquired the shares of three companies, PT Pulau Bintan Djaya (PBD), PT Sumber Djantin (SD), and PT Sumber Alam (SA), on February 27 and April 20, 2018. The notification regarding this acquisition was supposed to be sent out no later than 30 days after said dates, on April 13 and June 25, 2018. However, the notification was received on August 2, 2021.
According to Nur, the assembly of court stated that Hok Tong was proven violating Article 29 Act No.5/1999 juncto Article 5 of Government Regulations No.57/2010. The fine shall be deposited to the state treasury under the category of revenue from fines following the violation in the business competition.
Hok Tong is known to have acquired 80% of PBD's shares on April 27, 2018, as well as 99% of SD's shares and 99.01% of SA's shares on April 20, 2018. (LK/ZH)