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20 November 2023
News Indonesia

Jakarta (25/9) The Indonesia Competition Commission (ICC) imposed a fine on APF Holdings I, L.P. ("APF") of IDR 1,500,000,000 (one billion five hundred million rupiah) for the late notification of its share takeover transaction with GCA2016 Holdings Limited ("GCA2016"). The sanction was raised in the Commission Panel Hearing to Read the Decision on Case Number 09/KPPU-M/2023 related to the alleged late notification or notification of the takeover of GCA2016 shares by APF today at the ICC Head Office in Jakarta. Acting as the Commission Panel in the case was Dr. Drs. Chandra Setiawan, M.M., Ph.D., as Chairman of the Commission Panel, with Members of the Commission Panel consisting of Harry Agustanto, S.H., M.H., and Dr. Guntur Syahputra Saragih, M.S.M.

The case was based on APF's acquisition of GCA 2016 shares in 2021. APF is a company with various investment activities such as taking over or trading portfolio investments, while GCA2016 is a holding company incorporated under the laws of Bermuda on September 22, 2015 under the name GCA2015 Holdings Limited and changed its name to GCA2016 Holdings Limited on November 25, 2015. The company is engaged in acquiring, owning, operating, leasing, and selling shipping containers. Their product sales to Indonesia are conducted through a subsidiary called Global Container Assets 2016 Limited. The acquisition transaction has been legally effective since the signing of the Share Purchase Agreement on December 22, 2021.

Based on the regulations, APF fulfills 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 of the notification obligation to 60 (sixty) days in line with ICC Regulation Number 3 of 2020, so that the notification of the acquisition of GCA2016 shares should have been made by APF no later than March 18, 2022. However, based on the facts of the trial, the ICC only received a complete notification on March 23, 2022. This proves that APF has delayed notification for 3 (three) working days.

As a result of the delay, the Commission Panel decided that APF was legally and convincingly proven to have violated Article 29 of Law No. 5 of 1999, reinforced in Article 5 of Government Regulation No. 57 of 2010, and imposed a fine of IDR 1,500,000,000 (one billion five hundred million rupiah), which must be deposited into the State Treasury as a deposit of revenue from fines for violations in the field of business competition. Payment of the fine must be made no later than 30 (thirty) days after the decision has permanent legal force (inkracht). The Commission Panel also ordered APF Holdings I, L.P. ("APF") to submit a bank guarantee of 20% (twenty percent) of the value of the fine to the ICC no later than 14 (fourteen) days after receiving notification of this decision if it files an objection.

For information, Case Number 09/KPPU-M/2023 uses the Fast Track Examination system, where ICC can conduct deliberations of the Commission Panel and issue a decision after the preliminary examination stage without having to go through the continued examination stage or its extension. The fast track examination was carried out because the Reported Party had been cooperative during the trial process and admitted all the alleged violations submitted.