Supreme Court throws out Temasek’s final appeal

26 May 2010

Indonesia’s Supreme Court has rejected Singapore-based Temasek Holding’s final appeal against a decision by the country’s anti-monopoly authorities concerning its telecoms investments there. Temasek Holdings held stakes in Indonesia’s largest cellcos by subscribers PT Telekomunikasi Selular (Telkomsel) and PT Indosat through its Singapore Technologies Telemedia STT) unit, but was forced to sell its stake in Indosat to Qatar Telecom for USD1.35 billion, following the ruling by the Komisi Pengawas Persaingan Usaha (KPPU). In 2007 the anti-monopoly commission adjudged that Temasek and its affiliates were in breach of Indonesia’s anti-monopoly laws and ordered the sale of one of their telecom units in Indonesia. In a press release a spokesman for the KPPU has now confirmed: ‘The Supreme Court through its verdict on 5 May 2010, as written on its official website, states that it has rejected a judicial review, filed by Temasek, over the Supreme Court decision.’ Temasek declined to be drawn on the announcement saying it has yet to receive official notification of the Supreme Court’s ruling.

Indonesia, Indosat Ooredoo (incl. IM2)