Indonesia’s anti-monopoly agency has fined TikTok 15 billion rupiah (around $900,000) for the late reporting of its acquisition of e-commerce platform Tokopedia, the agency said on Monday (29/9).

TikTok, owned by China’s ByteDance, completed the purchase of a 75.01% stake in Tokopedia in January 2024 for $840 million. The shares were acquired from PT GoTo Gojek Tokopedia (GOTO.JK).

A TikTok spokesperson said the company respects and appreciates the decision made by the Business Competition Supervisory Commission (KPPU) and remains committed to upholding fair business competition.

The KPPU has the authority to investigate violations of competition law and can impose fines or administrative sanctions based on its findings.

($1 = 16,665 rupiah)

PHOTO: UNSPLASH

This article was created with AI assistance.