Temasek says `not guilty` of breaking Indonesian competition law

Temasek executive director Simon Israel said Temasek was "not guilty" and the company would fight the ruling by the Indonesian business regulator which is also known as KPPU.
Temasek owns 56 percent of Singapore Telecommunications (SingTel) which in turn owns 35 percent of Indonesia's largest cellphone carrier, Telkomsel.
It also owns all of Singapore Technologies Telemedia (ST Telemedia), which with Qatar Telecom, owns a 41.9 percent stake in Indonesia's second-largest telecommunications company, Indosat.
"The entire case is based on the premise that Temasek has majority shares in both Telkomsel and Indosat," Israel was quoted by AFP as saying. "We have no direct investment in the telecommunications sector in Indonesia."
When asked if the KPPU ruling was politically motivated, Israel said: "I would like to believe it was not."