ST Telemedia appeals against KPPU ruling on Indosat investment
By Loh Kim Chin, Channel NewsAsia | Posted: 19 December 2007 2046 hrs

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SINGAPORE : Singapore Technologies Telemedia said it has filed an appeal with the Jakarta District Court against the decision made last month by Indonesia's Business Competition Supervisory Commission, or KPPU.

Last month, the KPPU ruled that Temasek Holdings and eight related companies, including SingTel and ST Telemedia, had breached the country's anti-monopoly laws.

Temasek was ordered to divest its shares in either Telkomsel or Indosat.

ST Telemedia reiterated that the KPPU findings are groundless and have no merit.

It is arguing that the KPPU ignored the fact that ST Telemedia was invited by the Indonesian government in 2002 to participate in the competitive bid for the Indosat shares.

ST Telemedia stressed that at the time of the purchase of its stake in Indosat, the White Paper on the sale stated that there was no issue with the anti-competition laws.

Temasek Holdings holds an indirect interest in Telkomsel via SingTel, and in Indosat via ST Telemedia.

SingTel also said in a brief statement on Wednesday that it had filed an appeal with the District Court of Central Jakarta.

On Tuesday, Temasek announced that it was filing a similar appeal. - CNA /ls