Company fined Rp3.3 billion for late acquisition notification

28 April 2021

The Indonesian Competition Commission (Komisi Pengawas Persaingan Usaha or “KPPU”) recently imposed a fine of Rp3.3 billion (approximately US$230,000) on PT Aplikasi Karya Anak Bangsa (popularly known as Gojek), the first Indonesian decacorn technology company that provides a wide range of services, including ride-hailing, food delivery, and digital payment services, for its failure to submit a post-merger notification of its acquisition of shares in PT Global Loket Sejahtera (Loket.com) within the mandatory time limit.

On 25 March 2021, KPPU decided Case No. 30/KPPU-M/2020 where it found that Gojek violated Article 29 of Law No. 5 of 1999 on the Prohibition of Monopolistic Practices and Unfair Business Competition and Article 5 of Government Regulation No. 57 of 2010 on Merger or Consolidation of Business Entities and Acquisition of Company Shares which may result in Monopolistic Practices and Unfair Business Competition.

This is an extract of an article by Soemadipradja & Taher, Allen & Gledhill’s associate firm in Indonesia. To read the full article from the Soemadipradja & Taher website www.soemath.com, please click here.