KPPU Imposed Fines of Late Notification to Mining Contractor Company.

Friday, October 19, 2018

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(Jakarta – 6 September 2018) The Commission Council consisting of Harry Agustanto, S.H., M.H., Ukay Karyadi, S.E., M.E. and Dinni Melanie, S.H., M.E., completed the investigation of Case Number 09/KPPU-M/2017 on the Late Notification relating to Alleged Violation of Article 29 of Law Number 5 of 1999 jo. Article 5 of Government Regulation Number 57 of 2010 in the Share Acquisition of PT Cipta Multi Prima by PT Darma Henwa, Tbk.

Based on the investigation, the Commission found that the asset value exceeded the statutory thresholds of Rp2,500,000,000,000.00 (Two trillion Five Hundred Billion Rupiah). The assessment results showed that the combined assets of the acquiring company and the acquired company amounted to Rp5,176,186,942,628.00 (Five Trillion One Hundred and Seventy Six Billion One Hundred and Eighty Six Million Nine Hundred and Forty Two Thousand Six Hundred and Twenty Eight Rupiah); therefore, PT Darma Henwa, Tbk. has an obligation to make a Notification of Shares Acquisition of PT Cipta Multi Prima to the KPPU.

The Commission Council then ordered the Reported Party to pay fines with the amount of Rp3,750,000,000.00 (Three Trillion Seven Hundred and Fifty Billion Rupiah) to the State Treasury and ordered the Reported Party to report and deliver a copy of the payment of fines to the KPPU.