Temasek may have Indonesian assets seized

21 Dec 2010

According to local press reports, Indonesia’s Commission for the Supervision of Business Competition (KPPU) may seize the Indonesian assets of Singapore’s Temasek Holdings. The investment company has reportedly failed to pay a fine of approximately USD17.6 million which it was issued in November 2007 when the KPPU found it guilty of breaching anti-competition laws. The watchdog ruled that Temasek controlled both Telkomsel and Indosat at the time and influenced Indosat’s performance to benefit Telkomsel. Temasek appealed the ruling but in May 2010 the Indonesia Supreme Court upheld the KPPU’s decision.

Indonesia, Telkomsel (Telekomunikasi Selular)