DTT, Holdiko file appeal over KPPU ruling on Indomobil case<\/p>\n
Fitri Wulandari, The Jakarta Post, Jakarta<\/p>\n
Consulting firm PT Deloitte & Touche, Tohmatsu (DTT) FAS and
\nholding company PT Holdiko Perkasa filed an appeal on Monday at
\ntwo separate courts over the recent ruling of the Business
\nCompetition Supervisory Commission (KPPU), which charged the two
\nfor involvement in the Indomobil scandal.<\/p>\n
Both companies argued that the legal process was flawed in
\nKPPU's investigation into the case.<\/p>\n
Ignatius Andy of Hadiputranto, Hadinoto and Partners law firm
\nrepresenting DTT, claimed that his clients were questioned as a
\nwitness not as the accused during the KPPU investigation.<\/p>\n
Therefore, the sanction and penalty imposed on his client did
\nnot have a legal foundation, he said.<\/p>\n
Todung Mulya Lubis, who represents Holdiko, argued that his
\nclient was not guilty of the alleged conspiracy.<\/p>\n
"Holdiko made the decision with the consent of IBRA. And IBRA
\nhad given written approval for the transaction," Todung told The
\nJakarta Post, referring to the Indonesian Bank Restructuring
\nAgency (IBRA).<\/p>\n
DTT filed the appeal at the Central Jakarta District Court,
\nwhile Holdiko at the South Jakarta District Court.<\/p>\n
Both are waiting for the courts' decision which has to be
\ndelivered within 30 days.<\/p>\n
The Indomobil case centers on the sale of the government's
\n72.63 percent shares in PT Indomobil Sukses Internasional, the
\ncountry's second largest carmaker, late last year to a consortium
\ncalled PT Cipta Sarana Duta Perkasa.<\/p>\n
The consortium, led by Trimegah Securities, paid Rp 625
\nbillion for the stake, which analysts say was very cheap compared
\nto the value of the company of around Rp 2.14 trillion when it
\nwas transferred to IBRA in 1998.<\/p>\n
Indomobil is part of assets surrendered by the giant Salim
\nGroup to IBRA to repay debts to the government. IBRA is tasked
\nwith selling the assets to raise cash to help finance the state
\nbudget deficit.<\/p>\n
Holdiko is a holding company set up by IBRA to manage the
\npledged Salim Group assets.<\/p>\n
But the hurried Indomobil transaction raised suspicion that
\nSalim was behind the deal. This would violate existing
\nregulations as the government has banned Salim from repurchasing
\nthe assets from IBRA.<\/p>\n
KPPU then launched an investigation.<\/p>\n
Last month the commission announced the investigation result,
\nsaying that it had found irregularities in the Indomobil
\ntransaction, and ruled that parties involved in the scandal
\nincluding high profile names like brokerage firm PT Trimegah
\nSecurities, DTT and Holdiko pay penalties.<\/p>\n
KPPU fined Holdiko Rp 5 billion, and DTT Rp 10 million.<\/p>\n
DTT acted as financial advisor for IBRA in the transaction.<\/p>\n
The commission also barred DTT and Trimegah from involvement
\nin the future sale of assets held by IBRA.<\/p>\n
But the commission, which announced the results of its
\ninvestigation into the case, did not recommend a cancellation of
\nthe transaction, saying that such a move would cause serious
\nconsequences to the state budget.<\/p>\n
Both DTT and Holdiko have objected to the penalties and
\nsanctions. According to them KPPU does not have the authority to
\ndeliver a verdict.<\/p>\n
"Based on Antimonopoly Law No. 5\/1999, KPPU does not have the
\nauthority to deliver a verdict. Only courts hold that authority,"
\nAndy stated.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/dtt-holdiko-file-appeal-over-kppu-ruling-on-indomobil-case-1447893297",
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"sponsor": "Okusi Associates",
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