The Supreme Court of the Republic of Indonesia (MA) by virtue of its Cassation Decision Number 900 K/Pdt.Sus-KPPU/2021 issued on August 4, 2021 has affirmed Decision of the Indonesia Competition Commission (ICC) regarding the alleged delayed notification of the shares acquisition by PT Pembangunan Perumahan (Persero), Tbk. (PTPP) on PT Centurion Perkasa Iman (PTCPI) imposing a sanction in the form of penalty of IDR1,000,000,000 (one billion rupiah). Based on the said Supreme Court’s Decision, PTPP is obligated to pay for the penalty which must be remitted to the State Treasury as violation penalty revenues in the field of business competition and must be paid by no later than 30 (thirty) days after the decision has had a permanent legal force (inkracht), as set forth in the Commands of ICC's Decision. Based on Article 22 paragraphs (2) and (3) of Government Regulation Number 58 of 2020 (PP 58/2020) regarding the Management of Non-Tax State Revenues (PNBP), delayed payments of the penalty will be subject to a delayed fine of 2% (two percent) per month of the value of the penalty.

Chronologically, the Hearing of the ICC Panel handed down a Decision on the case on February 11, 2021 and declared that PTPP was legally and convincingly proven to have violated Article 29 of Law No. 5 of 1999 jo. Article 5 of PP No. 57 of 2010, and sentenced PTPP to pay for a penalty of IDR1,000,000,000 (one billion rupiah) and remit it to the state treasury by no later than 30 (thirty) days after the decision has had a permanent legal foce. Furthermore, PTPP lodged an Objection to the Commercial Court at the Central Jakarta District Court (PN Niaga Jakpus) and ended in the rejection of the Objection petition on March 4, 2021. Subsequently, PTPP took further legal remedy through Cassation to the Supreme Court of the Republic of Indonesia on June 23, 2021. The Supreme Court of the Republic of Indonesia eventually decided to reject the Cassation petition lodged by PTPP on August 4, 2021. Therefore, the ICC's Decision has had a permanent legal force (Inkracht) and must be implemented by PTPP.

ICC hopes that the relevant business actor will immediately implement the Supreme Court's decision with regard to the affirming of the ICC's Decision, so as not to obtain a delayed penalty as provided for in PP 58/2020 regarding PNBP, as well as other provisions for the Reported Party as provided for in ICC Regulation No. 2 of 2021 regarding Guidelines for the Imposition of Penalty Sanction on Monopolistic Practices and Unfair Business Competition.