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ICC Hands Down a Sentence on PT Saratoga Investama Sedaya, Tbk. In Acquisition Notification Delay Case

2021, Indonesia, Mergers & Acquisitions

Jakarta, 3 May 2021 - Indonesia Competition Commission (ICC) sentenced PT Saratoga Investama Sedaya, Tbk. (SRTG) to pay a fine of IDR 1 billion because it had been legally and convincingly proven to make delayeded notification of the share acquisition of PT Wana Bhakti Sukses Mineral (WBSM). The fine was read out in the Commission Council Hearing for the Reading out of Decision held today at ICC.

The case under Register Number 17/KPPU-M/2020 had its origin from a pre-investigation of the alleged delayed notification of share acquisition conducted by SRTG over WBSM. ICC found in the hearings that SRTG (an investment company that focuses among other things on the consumer, infrastructure, and natural resources sectors) just made a notification of the acquisition of most of the shares of WBSM (a metal mining exploration and development company) on December 10, 2019. The transaction should have been notified no later than September 9, 2011.

With due observance of the said fact, the Commission Council declared that PT Saratoga Investama Sedaya, Tbk., was legally and convincingly proven to have violated Article 29 of Law Number 5 Year 1999 in conjunction with (juncto) Article 5 of Government Regulation Number 57 Year 2010. Hence, the company was subject to a sanction in the form of administrative fine of IDR 1,000,000. 000 (one billion rupiah) and is to be paid no later than 30 (thirty) days after the Decision of ICC has had a permanent legal force (inkracht).