KPPU Fines Saratoga Investama, This is the Reason

JAKARTA, KOMPAS.com – Business Competition Supervisory Commission (KPPU) imposed a fine on PT Saratoga Investama Sedaya Tbk (SRTG) amounting to IDR 1 billion.

The decision was made because KPPU thought that Sarataoga was founded by Sandiaga Uno this has been proven legally and convincingly to delay notification or notification of the share takeover he did in PT Wana Bhakti Sukses Mineral (WBSM).

The fine was read out in the Decision Reading Commission Council Session which was held Monday (5/4/2021).

Also read: Sandiaga Uno reveals the meaning of the name Saratoga

The Commission Council stated, Saratoga Investama Sedaya was legally and convincingly proven to have violated Article 29 of Law Number 5 of 1999 in conjunction with Article 5 of Government Regulation Number 57 of 2010.

“As a result, an administrative fine of Rp 1 billion will be imposed and paid no later than 30 days since the KPPU decision has permanent legal force (inkracht),” said Deswin Nur, Head of the KPPU Public Relations and Cooperation Bureau, in a written statement.

The KPPU explained that the case with register number 17 / KPPU-M / 2020 originated from an investigation into the alleged delay of share takeover notification conducted by SRTG on WBSM.

Also read: Gurita Bisnis Saratoga, Company Owned by Menparekraf Sandiaga Uno

In the KPPU’s trial, it was found that SRTG, which is an investment company that focuses on, among others, the consumer, infrastructure and natural resources sectors, has just notified its acquisition of most of the shares of WBSM (a metal mining exploration and development company) on December 10, 2019.

“Obviously, the transaction was submitted no later than September 9, 2011,” said Deswin.

For information, the Commission Council in this case is Kurnia Toha as the Chairman of the Commission Council. Chandra Setiawan and Yudi Hidayat respectively as Members of the Assembly. (Vendy Yhulia Susanto)

This article has been published on Kontan.co.id with the title Late in the acquisition notification, KPPU fined Saratoga Investama (SRTG) Rp. 1 billion

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