KPPU Fines IDR 1 Billion For Sandiaga Uno's Company And Conglomerate Edwin Soeryadjaya, What Is The Cause?

JAKARTA - The Business Competition Supervisory Commission (KPPU) has punished issuers established by the Minister of Tourism and Creative Economy Sandiaga Salahuddin Uno and Edwin Soeryadjaya, PT Saratoga Investama Sedaya, Tbk (SRTG) with a fine of IDR 1 billion.

The Head of KPPU's Public Relations and Cooperation Bureau Deswin Nur explained that this punishment was given because the company was proven to have delayed notification or notification of share takeover or acquisition.

"It is legally and convincingly proven to have delayed notification or notification of the share acquisition done by PT Wana Bhakti Sukses Mineral (WBSM)", Deswin explained in his statement, Tuesday, April 6.

The fine was read out in the Decision Reading Commission Council Session which was held Monday, April 5. The case is listed at register number 17/KPPU-M/2020.

Deswin said this case originated from an investigation into the alleged delay in the notification of the share takeover carried out by SRTG on WBSM.

Furthermore, Deswin said, the KPPU in the trial found that SRTG, which is an investment company focused on the consumer, infrastructure, and natural resources sectors, had just notified the acquisition of WBSM shares on December 10, 2019.

"The transaction should have been submitted no later than 9 September 2011", Deswin said.

Taking into account the KPPU's findings, the Commission Council stated that PT Saratoga Investama Sedaya, Tbk., Was proven legally to have violated Article 29 of Law Number 5 of 1999 in conjunction with Article 5 of Government Regulation Number 57 of 2010.

For your information, Sandi founded Saratoga with Edwin Soeryadjaya (son of the founder of the Astra Group, the 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.

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