By Berk Kutay Gokmen
ISTANBUL (AA) - The Indonesian anti-monopoly watchdog KPPU said on Monday that it would fine TikTok nearly $900,000 over its late reporting of acquiring the online marketplace Tokopedia.
In early 2024, TikTok acquired 75.01% of Tokopedia’s shares. The company had nearly 30 business days to report the takeover to the watchdog, but failed to do so on time.
“The transaction legally took effect on January 31, 2024. This means (TikTok) had time until March 19 of last year to notify KPPU (of the acquisition),” KKPU said in a statement shared on its website.
It also noted that TikTok Nusantara (SG) Pte. Ltd., the company overseeing the acquisition, acknowledged the delay and the findings of the KPPU investigation. They were also “cooperative” throughout the process.
The watchdog mentioned that TikTok had no previous violations, and these factors led them to reduce the penalties.
KPPU said in the statement that it has decided to impose a 15 billion Indonesian Rupees (nearly $900,000) fine on TikTok Nusantara (SG) Pte. Ltd.
It added that the company has to submit the money to the state treasury within 30 days after this decision becomes legally binding.