Louis Dreyfus Company Melbourne violated the regulations by not submitting a notification or disclosure of the acquisition transaction of shares in Emerald Australia.
Indonesia's Business Competition Supervisory Commission (KPPU) has imposed a fine of Rp5 billion on the international agricultural company from the Netherlands, Louis Dreyfus Company Melbourne Holdings Pty. Ltd. (LDC). The KPPU assessed that LDC violated the regulations by not submitting a notification or disclosure of the acquisition transaction of shares in Emerald Australia Pty. Ltd.
LDC is a global trading and processing company that specializes in various agricultural products, including cotton, grains, and vegetable oil. LDC acquired a majority stake in Emerald Grain Pty Ltd, giving LDC 100 percent ownership of the company.
According to Article 29 of Law Number 5 of 1999 and Article 5 of Government Regulation Number 57 of 2010, LDC is required to make a notification. Therefore, the Respondent must notify the KPPU no later than 30 days after the transaction became effective on October 31, 2022.
According to Deswin Nur, the head of the Public Relations and Cooperation Bureau of KPPU, LDC should have submitted the notification by December 9, 2022. "The KPPU only received the notification on December 9, so LDC is considered nine working days late," he said. As a result, the KPPU imposed a fine of Rp5 billion on LDC. The fine must be paid to the state treasury no later than 30 working days after the due date.
Source: Tempo
