KPPU Declared PT Pasifik Agro Sentosa as Guilty.

PT Pasifik Agro Sentosa as a Reported Party was declared guilty by the Panel of Commissioners and was fined in the amount of IDR1,250,000,000 (one billion two hundred and fifty million rupiah).  

PT Pasifik Agro Sentosa as the Reported Party was declared guilty by the Panel of Commissioners and was fined in the amount of IDR1,250,000,000 (one billion two hundred and fifty million rupiah). KPPU held the hearing with an agenda for the reading out of the ruling of case Number 09/KPPU-M/2019 regarding Alleged Violation of Article 29 of Law Number 5 Year 1999 juncto (in conjunction with) Article 5 of Government Regulation Number 57 Year 2010 with regard to the Delayed Notification of the Acquisition of Shares of PT Mitra Aneka Rezeki by PT Pasifik Agro Sentosa.

The Panel of Commissioners in the hearing was of the opinion that there had been a delayed Notification to KPPU as conducted by PT Pasifik Agro Sentosa with regard to the Acquisition of Shares of PT Mitra Aneka Rezeki. PT Pasifik Agro Sentosa was delayed in making the Notification in excess of the deadline for Notification namely 30 (thirty) business days as from the legal coming into effect of the Acquisition of Shares. As we know the legally effective acquisition of shares was August 31, 2016, thus, the deadline for Notification was October 13, 2016, however, PT Pasifik Agro Sentosa made the Notification on May 15, 2019.

Following the completion of the hearing phase and after obtaining adequate instruments of proof, then the Panel of Commissioners decided: that the Reported Party has been legally and convincingly proven to have violated Article 29 of Law Number 5 Year 1999 juncto (in conjunction with) Article 5 of Government Regulation Number 57 Year 2010 and sentencing the Reported Party to pay for a penalty in the amount of IDR1,250,000,000.00 (one billion two hundred and fifty million rupiah).