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ICC Imposes Sanction Worth IDR 1.5 Billion on Taiko Plantations Pte. Ltd.

2021, Indonesia, Mergers & Acquisitions

Indonesia Competition Commission (ICC) imposed sanction on Taiko Plantations Pte. Ltd. for a delay in the notification of the acquisition of shares of PT Putra Bongan Jaya. In its Commission Council Hearing for the Reading Out of Decision today, ICC imposed a fine of IDR1,500,000,000 (one billion and five hundred million rupiah) on Taiko Plantations Pte. Ltd.

This case under Register Number 18/KPPU-M/2020 had its origin from a pre-investigation conducted by ICC on the notification made by Taiko Plantations Pte. Ltd. in an acquisition transaction conducted over 95% of the shares of PT Putra Bongan Jaya, a company engaged in the field of oil palm plantation. In the process, The legally effective date of the transaction was found to be July 25, 2018 in the proceedings and a notification should have been made to ICC no later than September 6, 2018. However, Taiko Plantations Pte. Ltd. just conveyed its written notification to ICC on April 8, 2020.

Based on the said fact, the Commission Council decided that Taiko Plantations Pte. Ltd. had been legally and convincingly proven to have violated Article 29 of Law No. 5 Year 1999 Jo. Article 5 of Government Regulation No. 57 Year 2010 and sentenced Taiko Plantations Pte. Ltd. to pay a fine of IDR1,500,000,000.00 (one billion five hundred million rupiah) and deposit it to the state treasury no later than 30 (thirty) days after the Decision has a permanent legal force (inkracht).

The Commission Council also recommended that the Minister of Agrarian Affairs and Spatial Planning/Land Deed Agency should establish coordination with ICC with regard to the mapping of palm oil land controls in Indonesia, particularly the composition of palm oil land controls by foreign business actors and their affiliates, and recommended that Regional Heads having the authority to issue location permits and plantation business permits should establish coordination with ICC with regard to palm oil land controls in Indonesia.