Overseas M&A Transactions Have to be Mandatorily Notified, ICC Tries a Case with a Business Actor Abroad.

Jakarta & Mauritius (18/2) – ICC held another Continued Examination hearing on Case Number 22/KPPU-M/2020 regarding Alleged Delay in the Notification of Share Acquisition of Asian Trails Holding Ltd by Travel Circle International (Mauritius) Limited. This case constitutes a case of delayed notification of mergers and acquisitions conducted by the Reported Party overseas. Such foreign transaction must be notified to ICC even though it takes place abroad because the Reported Party has economic activities in Indonesia and has passed the mandatory notification threshold.

The trial to hear the witness testimony put forward by the Investigator was presided over by a Commission Panel consisting of Harry Agustanto (Chairman of the Commission Panel) as well as Kodrat Wibowo and Dinni Melanie (Members of the Commission Panel). The hearing was held online (through online teleconference) and was conducted bilingually (dual language).

This case concerns the share acquisition by Travel Circle International (Mauritius) Limited over Asian Trails Holding Ltd. Asian Trails Holding has a market share in China and Southeast Asia and has a business in Indonesia under the name of Asian Trail Indonesia.