Temasek faces seizure of assets in Indonesia: report

John C. Tanner
22 Dec 2010
00:00
News
Daily News

Singapore’s state-owned Temasek Holdings could have its assets in Indonesia seized if it doesn’t pay a court fine for anti-competitive behavior, said the government’s agency Tuesday.

Temasek Holdings was fined 150 billion rupiah ($17 million) in May this year after losing its appeal in a case in which it was convicted of breaching anti-trust laws by using indirect stakes in mobile operators Telkomsel, and Indosat, to fix prices.

Tresna Soemardi, the anti-monopoly agency’s chairman, told Bloomberg the agency is “inventorying Temasek’s assets and expect to complete that in 2011, and they will be seized if the fine isn’t paid.”

Once a company has been formally notified of the fine and doesn’t pay it, the anti-monopoly commission may ask for a court order to seize the assets,” said Muhammad Reza, the agency’s chief of investigations, the Bloomberg report said.

Goh Yong Siang, Temasek’s senior managing director of strategic relations, said Temasek “has not received official notification from the Supreme Court,” the report added.

Temasek-owned Singapore Technologies Telemedia sold its stake in Indosat to Qatar Telecom in June 2008. A unit of SingTel, which is majority-owned by Temasek, still owns a 35% stake in Telkomsel.

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