IDX requests Sari Roti's response regarding violations of the monopoly law

JAKARTA, KOMPAS.com – The Indonesian Stock Exchange has convened PT Nippon Indosari Corpindo Tbk (ROTI) as the owner of the Sari Roti brand.

It is known that the company was declared in violation of the monopoly law by KPPU. The director of business valuation at IDX I, Gede Nyoman Yetna, said that the producers of Sari Sari claimed that they had not received any KPPU documents directly regarding the violations.

"We asked for an explanation, he (Sari Roti) himself did not receive his official copy," Nyoman told IDX Building in Jakarta on Thursday (29.11.2018).

In fact, KPPU has published the Sari Roti violation document on its website. Nyoman said that IDX had asked what Sari Roti would do next. They are still waiting for the KPPU to provide an official copy only after it has raised an objection.

Nyoman added that the Sari Roti stage must be respected because it is his right to defend himself.

"Let this process work.Each party has rights and obligations, including the right of opposition.We are waiting for the process," Nyoman said.

If Sari Roti's status is clearly defined, IDX will make the decision to suspend Sari Roti in securities trading. Depending on the fate of the company later. Because, said Nyoman, taking into account the suspension is not arbitrary.

"You have to see if this is related to the legal or financial performance.On the other hand, you have to see if it does not generate any income or opinion of the auditor towards the company Nyoman said.

Previously, the KPPU had decided that PT Nippon Indosari Corpindo Tbk was guilty of having made public his action with a view to acquiring a majority stake in PT Prima Top Boga. KPPU fined Sari Roti's producer 2.8 billion rupees.

"In declaring that the reported part (Nippon Indosari) had been proved legally and convincingly, she had violated Article 29 of Law No. 5/1999 in conjunction with Article 6 of the PP 57 / 2010 ", said Commission Board Chair Ukay Karyadi in the KPPU meeting room.

Article 29 of Law No. 5/1999 prohibiting monopolistic practices and unfair corporate competition stipulates that notification of mergers takes place no later than 30 days after the acquisition.

In his explanation to the audience, the member of the Guntur Putra Saragih Assembly said that the legitimate acquisition of Prima had taken place on February 9, 2018. However, the new Nippon reported on the acquisition of Prima on March 29, 2018.

"On March 7, 2018, the Commission reminded the reported party (Nippon) to report its acquisition of PT Prima Top Boga, the deadline will be extended to March 23, 2018," he said.