Singapore News

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Temasek appeals Indonesia’s ruling

Posted by jtsmyth8 on December 18, 2007

Temasek Holdings has filed an appeal against a ruling by Indonesia’s competition watchdog that said the investment company broke anti-trust laws. Temasek’s managing director of corporate affairs, Ms Myrna Thomas, said in a statement: ‘The case against Temasek is baseless and totally without merit. We’re filing an appeal to demonstrate that there is no basis for the decision and to ensure that Temasek’s legal rights under the laws of Indonesia are respected at all times.’

The appeal was filed with the District Court of Central Jakarta on Tuesday with a ruling expected within 30 days.

Last month, Indonesia’s Business Competition Supervisory Commission (KPPU) ruled that Temasek had violated anti-monopoly laws and ordered it to sell its shares in one of the two top Indonesian mobile telcos. (story)

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