ICC HOLDS FIRST HEARING ON LATE NOTIFICATION ACQUISITION OF GCA 2016 HOLDING LIMITED BY APF HOLDINGS I, L.P.
Jakarta (21/8) – The Indonesia Competition Commission (ICC) today held the first Preliminary Examination Commission Assembly Session on Case Number 09/KPPU-M/2023 related to the alleged delay in notification or notification of the acquisition of shares of GCA2016 Holdings Limited ("GCA2016") conducted by APF Holdings I, L.P. ("APF") at the ICC Office in Jakarta. The hearing, which was held offline, had the agenda of exposure of Alleged Violation Report ("LDP") by ICC’s Investigator.
The beginning of the case stems from APF's acquisition of GCA2016 shares in 2021. APF is a company with various investment activities, such as taking over or trading portfolio investments, while GCA2016 is a company engaged in taking over, owning, operating, leasing, and selling shipping containers. The acquisition transaction, according to the Ministry of Law and Human Rights, became legally effective on December 22, 2021.
Based on the regulations, APF meets various provisions (especially the value of combined assets and sales) for companies that are required to make notifications, so it must notify ICC 30 (thirty) days after the transaction is legally effective. There is an increase in the calculation time for notification obligations to 60 (sixty) days in line with ICC Regulation Number 3 of 2020 concerning Relaxation of Law Enforcement of Monopolistic Practices and Unfair Business Competition and Supervision of Partnership Implementation in the Context of Supporting the National Economic Recovery Program. Based on these provisions, APF should have submitted a notification of the acquisition of GCA2016 shares no later than March 18, 2022. However, ICC only received the notification report on March 23, 2022, so it can be suspected that APF made a delay in notification for three (three) days and violated Article 29 of Law No. 5 of 1999 and Article 5 of Government Regulation No. 57 of 2010.
After listening to the presentation of the LDP by the Prosecution Investigator, the Chairman of the Commission Panel, Commissioner Chandra Setiawan, accompanied by Commissioner Guntur S. Saragih and Commissioner Harry Agustanto as Members of the Commission Panel, continued the next preliminary examination session on Thursday, August 24, 2023, with the agenda of examining the completeness and suitability of evidences in the form of letters and/or documents supporting the report of alleged violations.