Temasek Holdings GUILTY of price fixing
May 26th, 2010 | 
Author: Temasek Holdings, the Singapore government investment arm, has lost a final appeal in a price fixing case involving cellcos Telkomsel and Indosat in Indonesia’s Surpreme Court.
Competition regulator KPPU alleged that Temasek had breached the country’s anti-monopoly laws by using its indirect stakes in rival operators Telkomsel and Indosat to fix mobile tariffs.
The Supreme Court yesterday sided with the KPPU overturning Temasek’s appeal for a second time.
“The judicial review panel basically strengthened the previous Supreme Court ruling against the appeal,” KPPU spokesman Junaidi Masjhud told Bloomberg.
He called the ruling “a valuable push for [the] KPPU to continue creating healthy business competition in the telecommunications industry.”
Temasek-controlled Singapore Telecom owns a 35% stake in Indonesia’s largest cellco Telkomsel, while another Temasek company, Singapore Technologies Telemedia, sold its 40.8% stake in Indosat to Qatar Telecom in June 2008 after the KPPU filed its case.
A District Court in Central Java first ruled against Temasek in May 2008.
Temasek has previously said it would seek international arbitration if it lost its court battle in Indonesia, said Bloomberg.
Source: Bloomberg
Posted in Editorial
Funny how our “world class” scholars and civil servants suck at competing outside the singaporean bubble.
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It is even more funny that our “world class” talents need a monopolistic environment to conduct any business – whether legal, commercial, or political.
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TemaSICK should bring the trial to Singapore court, if not how to win?
Singapore courts are world-class and NOT kangaroo courts so they they should have the expertise to WIN for the PAP.
This is NOT fair to LKY’s daughter-in-law….how dare the small underdeveloped country of Indonesia dares to challange the Lee famiLEE? This type of no-big-no-small attitude must stop.
LKY can advise the Chinese and Japanese and even world power USA and how dare the poor Indonesian court dare to charge LKY’s daughter?
Singaporeans should “protest” outside the Indonesian Embassy in Singapore and worldwide that they bully our old man’s daughter-in-law.
This thing must stop.
Singapore govt. and all its related companies are “above board”, totally TRANSPARENT, ACCOUNTABLE and operate with 100% integrity. This is their moral fibre. So the Indonesian court MUST be wrong!
PAP must now either bring to world court with the help of the International Bar Association. Or LKY as a lawyer can fight the case himself. Better still get the lawyers whom LKY used to sue his oppositions till bankrupt to fight the case. See how smart they are?
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PAPayas re getting pawned by Indonesia’s Surpreme Court.
If this held in In SG Surpreme Court.
The PAPayas will be laughing and smiling happily at their bank accounts.
Temasek has previously said it would seek international arbitration if it lost its court battle in Indonesia, said Bloomberg.
Indonesia has just captured and reveal the terriost plan to attack Orchard MRT.
Piss them more, Next time won’t even bother to tell us or capture them.
Then we will truly be a “Uniquely Singapore”
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Not surprisng seeing how the govt can armtwist politics here.
I hope Temasek Holdings will lose the case and not be so porud of themselves.
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It’s an Indon court. You trust Indons leh?
I think I trust Temasek more even than Indon courts though it refuses to clean up DBS of its FTs. http://atans1.wordpress.com/2010/05/26/dbs-fts-goofed-again/
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qussl3:
May 26, 2010 at 2:41 am
‘Funny how our “world class” scholars and civil servants suck at competing outside the singaporean bubble.’
Not surprising, good academic results are no indication of good biz acumen.
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Oh no.. You fine Temasek Holding and the singapore citizens pay the fine…
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I think the writer doesn’t know what this story is really about.
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Almost everything is monopolistic in Stinkapore,starting with parleement, the PAP owns and controls everything, even how many children you should have. Is it any surprise Temasek lost its appeal in Indonesia? The truth is, there’s more democracy and rule of law in Indonesia than in Leegapore.
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It is truly sad that Temasek Holdings got caught in this situation. We do not wish this onto one of our premier institutions. But if we probe deeper into the case, Indonesian laws were breached. TH should know that using their related companies, they are going to be caught out here.
It is similar to saying that there is open competition in the telecommunications market in Singapore. There isn’t becoz Singtel is indirectly owned by the Government, Starhub is owned by another Government-linked entity (SembCorp.) and M1 is owned by yet another Government-linked entity (Keppel Corp.).
It is indeed unfortunate that the leaders in this country do not see the necessity of being sincere, upright and moral. They seem to have hidden agendas in whatever they do. This smugness seems to pervasive in the civil service and in the top institutions.
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@ qussl3
Sorry lah, outside so “politicking” ! at home we pluck without interference mah
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what to do when they have buffons as advisor/analyst and got themselves all over the mess in thailand and now indo,,,wonder where else next, with malaysians prostitutes like PR citizen and silenceisgolden.
wonder if they are coming for kamasutra V2.0
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close down Temasek Holdings
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The 3 telcos in SG are also coordinating to keep mobile and broadband prices high. They recently increase the per min rate to $16cents.
While all other countries mobile and broadband charges are coming down, Singapore is going up.
Can we complain about price fixing in SG?
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No government would tolerate another government or agency of another government to get involved in its businesses. This is a problem which Temasek must face and a good reason why it should not get involved in business. Even in Singapore, its involvement in business is detrimental to the development of a free market.
It happened in Thailand and now in Indonesia. TH is easy meat for these foreign governments and it will continue to be so for other governments.
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aiyoh! the case should be held in SIN-KA-POOR CORK lah! the best of the best in the world!!
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price fixing is anti-liberal economics.
Shame on PAP/TH for engaging in this when they loved to claimed they espoused liberal economics.
they cannot innovate that’s why they had to use price fixing.
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Temasick kena in Thailand (Shin corp) and now Indonesia!!Never fear!Our fearless and competent leaders will set things right!We the citizens have FULL trust in our leaders and their ability to protect the interest of Singapore and its citizens!
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Good to know that at least Indonesia has a fair court of law.
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disgusted:
May 26, 2010 at 7:19 am
“I think the writer doesn’t know what this story is really about.”
Then you tell us lor.
The court found Temasick guilty. You know something else? Share share here okay.
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so how much did they lost this time?
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A good kick-in-the-balls reality check for the PAP. Show them that the world is not their personal playground and they can’t expect the world to bow down to them just because they’re the MIW.
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When a Goodyear left, bad years lie ahead. TH is so important that it is affecting every aspect of Singapore. We depended on this golden goose to lay its golden eggs. Unfortunately, they do not have capable and cautious people running it. Now that it is crippled, they are back at slaughtering the pigs which is the people living here.
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I agree with some of the readers here about how insulting it can be for a small fly Indo to tell Sinkapore’s SUPREME Ms Ho how to run her business.
TH should just BUY Indo and then name it Sinkapore 2!
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They can only win in their own country, Singapore. You know it’s always the case. Why?
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Now i know why the CEO Goodyear ran for his life.
Does this means she will be wanted like The diplomat??
Karama! Karama!
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The whole world knows that Singapore mega rich. So Indo court just squeeze tight tight, money will flow out. In the end, one side save face, one side fat fat with money-Win Win. Slowly wait la, always same ending. Money can even make the demons push your car for you.
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same to produce an YOC champ.. fixing using agents… or fix the opponents..or fix the scene.. or fix the time.. this is work of a champ. FIX them .. whatever means it takes . winning have no consciousness. The final cheer is more important. behind the scene.. no difference from casino.
Tema is like a casino… win by all means.. forget consciousness. consciousness only for the weak. Cheating and winning.. which is more important? WIN of course. … even if it involves having to cheatah..
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you can con us,you can CAN us but don’t get swayed;you think you can con outsiders?
now what to do? better REPLACE yourself with OTHER SINGAPOREANS,those you helped made jobless.
perhaps they chin-chye also can do better.
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Let me share what world class scholars, MBAs, super degree holders, super-rich bankers etc people can do, and did they.
I am a long-time shareholder in Jaya Holdings, got my shares at something like 28cents or 20 cents many many moons ago. And for years, thru bad times and good times, that bunch of great managers and leaders (most of them true blue types, rose from ranks, engineers, naval architects, ship repair managers etc etc they were), worked damn hard, all sweat and brought in hugh profits for many many years, distributed decent dividends annually.
So a great well-run profitable Company was sighted by a motely group of well-heeled bankers, fund managers, dont know what wealth/private bankers fully $$$-ammo loaded, all gung-ho approached and bought up Jaya Holdings – wow with promises of doing this doing that, synergised this synergised that, bringing the Company higher up, maximising potential BLAH BLAH BLAH (baa baa black ship nursery rhyme singing more like it).
No need to guess what – in short time the share values before acquired by these white-collared HIGH (kite) flyers and managed, droped from highs of $1.50-$1.80 to 30 cents, 50 cents and was on the road to bankruptcy till the Corp banks restructured the loans etc etc, kept the ship afloat.
SO HERE IS A CLASSIC EXAMPLE OF WHAT WHITE-COLLARED SUPPOSEDLY WELL EDUCATED, WELL BRED, WELL CONNECTED, FULL OF AIR, promising this promising that flyers, that can do to bring down the share value of Jaya in a short space of time – compared to hardworking blue-collared ship repair managers, engineers (perhaps in boiler-suits). Of course one can say, recession bites too.
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How come so many scholars running our singtel, got into so many troubles. First the Shin Corp in Thailand, now Indosat and Telcomsel in Indonesia. They tried to buy into Malaysia Telco but was stopped by Muhatir. They have not learnt the lesson, never never buy into other countries’s telco.
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We have the best judiciary system in Singapore.
Indonesia is just a developing nation.
Our CJ should protest the verdict.
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to Xanadu: May 26, 2010 at 2:58 pm
wow bro, your gravatar looks damn solid, swee lah.
is it Temasick CEO backside? I think more likely some young secretary for the new president.
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What do you expect of these thieves? They can only make money here in Singapore where they use the law to ensure their profits… anywhere else they have to play on even ground they lose billions!
Still they can shamelessly claim to be brilliant and worth more than the millions they are stealing for themselves.
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/Gilbert Goh:
May 26, 2010 at 5:00 am
I hope Temasek Holdings will lose the case and not be so porud of themselves./
sovereign funds going into strategic assets of any country who do not fall for capitalism wholesale with mouth-opening awe and have strong people’s power will likely attract more nationalistic emotion unless the assets are longer so important and people are looking for sucker to offload.
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What can we expect from Dhanabalan & Ho Ching? What did George Soros think?
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HOW CAN MAN????? Papa-in-law IS “mm”, GIC Chairman AND ALSO “adviser” in City Bank Group plus hubby is PM too. And together the papa & son duo set up in Singapore an Anti-Competitive Commission to POLICE such despicable acts here. Yet the dghtr-in-law & wife “got caught” in “CORRUPT” Indonesia for corrupt their “very own” ANTI-CORRUPTION Laws here! WOW! WHAT demonstration OF “honesty’s inc” yah!!!!!
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Electricity/oil prices not fixed meh? Crude oil down, prices not down. Transport and Communications prices in Singapore not fixed meh?
You really trust CASE? They also need you to pay subscription before you can ask them to investigate.
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A re-qoute…
“Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power”
Benito Mussolini (Italian dictator, 1883-1945)
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I love this kind of news that is very informative and full of suspense. TR, great job! Keep ‘em comin’.
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We are living in the world of fictious money and that is why Temasek Holding is guilty of fictious price fixing.
today we not know what price tommorrow.
Forgive them(the judgement) for they know not what they done
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“High 5″ the Indonesians!!Show these arrogant pigs how screwed they are!!
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Indonesia is a big country and singapore is a red spot surely it is an eye sore to buy their telecom monopoly if international law can do justice to Temasek Hldg.Then Asia financial crisis,LehBrother and Maddow incident,Greek debt crisis Shin Corp Thaicom etc will not have survive.
It’s indeed the arrgant pig that keep the human race alive with their dead meat inside our human tissue.
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