Singapore News

News from Singapore

Temasek holdings disagree with ruling

Posted by jtsmyth8 on November 19, 2007

Temasek Holdings said on Monday that it was not guilty of breaking competition laws or price-fixing in Indonesia and vowed to fight the ruling by the country’s anti-monopoly watchdog. ‘We are not guilty. The decision makes no sense. It ignores the facts,’ said Temasek’s executive director Simon Israel in a tersely-worded statement.

Indonesia’s Commission for the Supervision of Business Competition, known also as the KPPU, on Monday ruled that Temasek must sell one of its two indirect stakes in the country’s top two mobile phone operators within the next two years.

One Temasek subsidiary, SingTel, owns a 35 per cent stake in market leader Telkomsel while another unit, Singapore Technologies (ST) Telemedia, owns an effective 30 per cent interest in Indosat. (link)

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