KPPU declares Temasek guilty of cross-share ownership

In its decision read out at the KPPU office here on Monday, the commission also ordered Temasek to pay a fine of Rp25 billion and dispose of shares in Indosat or Telkomsel no later than two years after the verdict has come into permanent legal force.

Temasek was also ordered to abandon its right to appoint the boards of directors and commissioners of the company where it will have to terminate ownership by disposing of its shares.

Buyers are only allowed to buy a maximum of 5 percent of the total of shares to be disposed of. They also cannot be affiliated to Temasek Holdings.