Indonesia – Indonesia’s Competition Supervisory Commission (KPPU) has fined Singapore-based Trusty Cars Ltd 1.5 billion rupiah (US$91,883) for missing the deadline to report its acquisition of a stake in PT Mitra Pinasthika Mustika Rent (MPMRent).
Doing business as Carro in Southeast Asia, the company invested US$53.8m in June 2022 to acquire a 50% stake in MPMRent, aiming to provide MPMX with a complete ecosystem, including an online marketplace, financing, rentals, repairs, and aftersales services in Indonesia.
According to a LinkedIn post by Deswin Nur, KPPU’s head of bureau for public relations and cooperation, Carro was required to notify KPPU within 30 days of the transaction becoming legally effective, with a deadline of July 12, 2022. However, Carro submitted its notification on July 28, 2022, twelve working days past the deadline.
The penalty was imposed after KPPU considered mitigating factors, including Carro’s acknowledgement of the violation and its request for reduced administrative sanctions.
Additionally, Carro cooperated throughout the trial and has no prior violations. The acquisition was also deemed free of monopolistic or unfair competition risks.
