Indonesian anti-monopoly agency fines TikTok for late reporting of Tokopedia deal
Tiktok completed a deal in Jan 2024 to buy 75.01% of Tokopedia
Add BT as a preferred source
[JAKARTA] TikTok has been fined 15 billion rupiah (S$1.15 million) for the late reporting of its acquisition of e-commerce platform Tokopedia, Indonesia’s anti-monopoly agency said on Monday (Sep 29).
TikTok, which is owned by China’s ByteDance, completed a deal in Jan 2024 to buy 75.01 per cent of Tokopedia for US$840 million from PT GoTo Gojek Tokopedia.
A TikTok spokeperson said they respect and appreciate KPPU’s decision and remain committed to upholding the principles of fair business competition.
The antitrust agency has the power to investigate and determine violations of competition law and impose fines or issue administrative sanctions, based on their findings. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Profit with purpose: Kim Choo Kueh Chang’s pivot from public listing to protecting heritage
Singapore Kitchen CEO, senior manager charged with alleged fraud, falsifying accounts; both to stay in jobs for now
Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned
Should you sacrifice some CPF Life income in favour of ILPs? Tread carefully
