Jakarta (24/02) - The Indonesia Competition Commission (KPPU) imposed a fine of IDR 1.5 billion on Trusty Cars Pte. Ltd in the case of alleged violation of late submission of notification of its share acquisition transaction of PT Mitra Pinasthika Mustika Rent (MPMRent). The sanction was read out by the Commission Panel in the hearing of the Decision of Case Number 15/KPPU-M/2024 concerning Alleged Violation of Delay in Notification of Acquisition of Shares of PT Mitra Pinasthika Mustika Rent by Trusty Cars Pte. Ltd. on 24 February 2025 at the KPPU Head Office in Jakarta. Acting as Chairperson of the Panel in the hearing was Budi Joyo Santoso, with Aru Armando and Gopprera Panggabean as Members of the Commission Panel.

Trusty Cars Pte. Ltd. (Trusty Cars), a Singaporean market place with the name CARRO is engaged in the automotive sector in Southeast Asia, specifically the repair and maintenance of motor vehicles (including installation of spare parts and accessories) and retail sales of motor vehicles except motorcycles and scooters. In addition, the Group is also engaged in the sale of used cars, including car financing, repair and rental. On 31 May 2022, Trusty Cars acquired 5,189,676,882 shares (equivalent to 50% ownership) of MPMRent from its parent company, PT Mitra Pinasthika Mustika Tbk (MPM). MPMRent itself is a company engaged in vehicle leasing in Indonesia.

In the hearing, the Commission Panel stated that the combined asset value of the two parties in Indonesia from 2019 to 2021 had exceeded the minimum threshold for mandatory notification in accordance with Article 29 of Law No. 5 of 1999 jo Article 5 of Government Regulation No. 57 of 2010. The Commission Panel also stated that Trusty Cars has fulfilled various other mandatory notification requirements. Thus, Trusty Cars is required to submit a notification to KPPU no later than 30 days from the date the transaction becomes legally effective, which is no later than 12 July 2022. Trusty Cars only received its notification by KPPU on 28 July 2022.

For this reason, based on the facts and evidence of the hearing, the Commission Panel stated that Trusty Cars was proven to have violated Article 29 of Law No.5 of 1999 in conjunction with Article 5 of Government Regulation No.57 of 2010 because it was late in submitting notification to KPPU for 12 (twelve) working days.

In deciding the case, the Commission Panel also considered various mitigating circumstances, namely Trusty Cars acknowledged and accepted the entire contents of the Alleged Violation Report, and submitted a request for relief of administrative sanctions to the Commission Panel. Trusty Cars was also cooperative during the hearing process and has never been found guilty in a verdict with permanent legal force (inkracht) for violating Law Number 5 Year 1999. Furthermore, the acquisition transaction has also been assessed as having no potential for monopolistic practices and/or unfair competition as per KPPU Stipulation Number A118822 dated 28 July 2022.