Oops! Issuer Sandiaga Uno was fined by KPPU of Rp. 1 billion, what country?

Jakarta, CNBC Indonesia – The Business Competition Supervisory Commission (KPPU) punished the issuer established by the Minister of Tourism and Creative Economy (Parekraf) Sandiaga Salahuddin uno, PT Saratoga Investama Sedaya, Tbk. (SRTG) with a fine of Rp. 1 billion.

This fine was rewarded by the KPPU to Saratoga for having been legally proven and convincing the parent company of the Saratoga Group to delay notification or notification of its share takeover of PT Wana Bhakti Sukses Mineral (WBSM).

“The fine was read out in the Decision Reading Commission Council Session held today at the KPPU,” wrote the KPPU announcement on its official website, quoted on Tuesday (6/4/2021).

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.

In the trial, the KPPU found that SRTG (an investment company that focuses on, among others, the consumer, infrastructure and natural resources sectors), just made notification of its acquisition of most of the shares of WBSM (a metal mining exploration and development company) on December 10, 2019.

The transaction should have been submitted no later than 9 September 2011.

In view of this fact, the Commission Council stated that Saratoga 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, so that it was subject to administrative fines of IDR 1,000,000,000 and paid no later than 30 days. since the KPPU Decision has permanent legal force (inkracht).

For information, Sandi founded Saratoga together Edwin Soeryadjaya (son of Astra Group founder, late William Soeryadjaya). Saratoga also has investments in several shares on the Indonesian Stock Exchange (IDX) and overseas stock exchanges, including in Singapore and Australia.

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Referring to the financial statements as of September 2020, at Saratoga Investama, Sandi personally owns 21.51% of SRTG shares or the equivalent of 583,565,429 shares.

The shares under the SRTG investment include PT Tower Bersama Infrasructure Tbk (TBIG), PT Nusa Raya Cipta Tbk (NRCA), Seroja Investment Limited Singapore, PT Adaro Energy Tbk (ADRO), PT Merdeka Copper Gold Tbk (MDKA), PT Provident Agro Tb (PALM) and Interra Resources Ltd Singapore.

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