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Japfa's Indonesian subsidiary wins appeal against cartel practices verdict
JAPFA Ltd's Indonesian subsidiary, which was slapped with a fine in October last year over alleged cartel practices, has won its appeal against the decision.
In an exchange filing on Wednesday evening, the group said that the West Jakarta District Court has accepted the appeal of 11 companies involved in the case, including PT Japfa Comfeed Indonesia Tbk, and revoked the verdict made in October last year.
The court also declared that the 11 companies are not proven to be in violation of the cartel regulations, it said.
Indonesia's anti-monopoly watchdog had said in Oct 13 last year that 12 poultry companies, including PT Charoen Pokphand Indonesia Tbk, PT Japfa Comfeed Indonesia Tbk and PT Malindo Feedmill Tbk were guilty of cartel practices.
Of these, Charoen and Japfa were handed the biggest fines of 25 billion rupiah (S$2.5 million) each.
Japfa has insisted all along that Japfa Comfeed Indonesia, together with 16 other poultry companies, was directed by the director-general of animal husbandry to cull six million poultry parent stocks in 2015.