ASEAN KEY DESTINATIONS
October 11, 2007
Temasek to defend against anti-monopoly ruling
Singapore's state investment firm Temasek Holdings [TEM.UL] said on Wednesday that it would defend itself against the findings by Indonesia's anti-trust body KPPU that it had violated the country's anti-monopoly laws.
"Temasek Holdings will vigorously defend its legal rights at all opportunities and in all available legal forums. As legal counsel for Temasek Holdings, I will be seeking clarification from KPPU on this matter," Temasek said in a statement to Reuters, quoting its lawyer Todung Mulya Lubis.
"The claims against Temasek Holdings are baseless and without merit," the email said.
Singapore's state TV reported late on Tuesday that Indonesia's anti-monopoly body KPPU had found that Singapore's Temasek violated the country's anti-monopoly laws through its stakes in two Indonesian telecommunications firms.
A KPPU spokeswoman on Tuesday declined to comment on the report.
KPPU, Indonesia's anti-trust agency, launched a preliminary investigation in December after it received a price-fixing complaint concerning Temasek, which has large stakes in Indonesia's two biggest telephone firms.
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