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SINGAPORE: Investment firm Temasek Holdings has filed an appeal against the decision by Indonesia's Commission for the Supervision of Business Competition or KPPU.
Last month, the KPPU ruled that Temasek had violated cross-ownership regulations, from its indirect ownership in Telkomsel and Indosat.
Temasek and eight other related companies, including SingTel and ST Telemedia, were slapped with a fine of S$4 million each.
Temasek argued that the case against it was baseless and without merit.
It also reiterated that it has not engaged in any activities in the Indonesian telecoms market, much less in anti-competitive practices.
It does not own any shares in Indosat and Telkomsel - but holds indirect stakes in Telkomsel via SingTel - and in Indosat via ST Telemedia. - CNA/vm
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