• Most Popular
  • Most Shared

Temasek files appeal against Indonesia telco ruling

Wed May 21, 2008 11:02pm EDT

Stocks

   

SINGAPORE, May 22 (Reuters) - Singapore state investor Temasek Holdings [TEM.UL] said on Thursday that it has filed an appeal against an Indonesian court ruling that it divests its stake in one of two mobile phone companies.

"Temasek has filed an appeal to Indonesia's Supreme Court," the firm said in a statement. "Temasek has not broken any laws and will vigorously contest all allegations against us."

An Indonesian district court on May 9 ordered Temasek and its affiliates to sell its holdings in either PT Telekomunikasi Selular (Telkomsel) or PT Indosat Tbk (ISAT.JK), upholding an earlier ruling by the country's anti-trust body.

The Singapore state investor has denied engaging in anti-competitive behaviour, saying it owned minority stakes in both mobile operators.

Asia Mobile Holdings, which is 75 percent owned by Temasek, holds around 40 percent of Indosat. Temasek, through Singapore Telecommunications Ltd (STEL.SI), also has a 35 percent stake in Telkomsel. (Reporting by Kevin Lim, editing by Neil Chatterjee)



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets