JAKARTA, KOMPAS.com – The Business Competition Supervisory Commission (KPPU) imposed a fine of Rp. 1 billion on Travel Circle International (Mauritius) Limited.
Travel Circle International (Mauritius) Limited was proven to have delayed notification of the acquisition of shares in Asian Trails Holding Ltd.
The decision was decided by the Commission Council at the Session with the agenda of reading the decision on March 4, 2021.
“The assembly has punished Travel Circle International (Mauritus) Limited to pay a fine of Rp. 1 billion and deposit it in the state treasury no later than 30 days after the decision is legally binding,” explained KPPU in a written statement, Friday (5/3/2021).
Travel Circle International (Mauritius) Ltd. is a company holding which is headquartered in Mauiritus. Meanwhile, Asian Trails Holding Ltd is a holding holding company which has several subsidiaries in Southeast Asia which are engaged in travel services.
The KPPU revealed that the case with Number 22 / KPPU-M / 2020 began with the notification of the share acquisition carried out by Travel Circle International (Mauritus) Ltd on Asian Trails Holding Ltd., on June 29, 2017, but the notification was only made on December 10, 2019.
So based on facts, assessments, analysis, and conclusions, the Commission Council states that Travel Circle International (Mauritus) Limited has been legally and convincingly proven to have violated Article 29 of Law No.5 of 1999 jo. Article 5 PP No.57 of 2010.