Temasek appeals Indonesian court ruling on anti-monopoly case
Singapore (ANTARA News) - Singapore state-linked investment company Temasek Holdings said it has filed an appeal to Indonesia's Supreme Court contesting a lower court's verdict that found it guilty of violating anti-monopoly regulations in the country's telecommunications industry.
"Temasek has not broken any laws and will vigorously contest all allegations against us. We fully respect the laws of Indonesia and hope that all our legal rights will likewise be respected," Myrna Thomas, Temasek managing director for corporate affairs, said in an e-mailed statement to Thomson Financial.
Thomas said the appeal was filed on Wednesday.
The central district court of Indonesia earlier this month ruled against Temasek for alleged breach of anti-monopoly laws on account of its affiliates' cross-ownership in two of Indonesia's largest telecom operators - Telkomsel and Indosat.
The court upheld the ruling by the competition watchdog ordering Temasek to divest its stake in one of the two telcos, and gave it only 12 months to comply.
Indosat is 41-percent owned by Asia Mobile Holdings (AMH), which is a 75 percent-held subsidiary of ST Telemedia. ST Telemedia is fully owned by Temasek.
On Telkomsel, Temasek indirectly holds a 35 percent via its 56-percent owned unit Singapore Telecommunications Ltd.
"As a long-term investor in Asia, we believe a just and impartial resolution of disputes is in the longer term interest of Asia's developing economies and her people. It is in this spirit that we intend to exercise all rights and remedies available to us for the orderly resolution of disputes," Thomas said.
Temasek has not commented on whether or not the reported disbarment of Indonesian lawyer Todung Mulya Lubis by legal group Indonesian Advocates Association (Peradi) over a separate case will affect his representation of Temasek. (*)
"Temasek has not broken any laws and will vigorously contest all allegations against us. We fully respect the laws of Indonesia and hope that all our legal rights will likewise be respected," Myrna Thomas, Temasek managing director for corporate affairs, said in an e-mailed statement to Thomson Financial.
Thomas said the appeal was filed on Wednesday.
The central district court of Indonesia earlier this month ruled against Temasek for alleged breach of anti-monopoly laws on account of its affiliates' cross-ownership in two of Indonesia's largest telecom operators - Telkomsel and Indosat.
The court upheld the ruling by the competition watchdog ordering Temasek to divest its stake in one of the two telcos, and gave it only 12 months to comply.
Indosat is 41-percent owned by Asia Mobile Holdings (AMH), which is a 75 percent-held subsidiary of ST Telemedia. ST Telemedia is fully owned by Temasek.
On Telkomsel, Temasek indirectly holds a 35 percent via its 56-percent owned unit Singapore Telecommunications Ltd.
"As a long-term investor in Asia, we believe a just and impartial resolution of disputes is in the longer term interest of Asia's developing economies and her people. It is in this spirit that we intend to exercise all rights and remedies available to us for the orderly resolution of disputes," Thomas said.
Temasek has not commented on whether or not the reported disbarment of Indonesian lawyer Todung Mulya Lubis by legal group Indonesian Advocates Association (Peradi) over a separate case will affect his representation of Temasek. (*)