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APF Holdings fined in Indonesia for three-day delay in notification of GCA2016 acquisition

( September 25, 2023, 10:04 GMT | Official Statement) -- MLex Summary: American investment holding company APF Holdings has been fined 1.5 billion rupiah ($97,400) by the Indonesian Competition Commission, or KPPU, for a three-day delay in notifying its acquisition of GCA2016 Holdings, which operates and rents or sells shipping containers. KPPU said APF Holdings should have filed its notification on March 18, 2022, or 60 working days from the time the deal legally took effect on Dec. 22, 2021, under the relaxed pandemic merger rules at the time. However, it only notified the commission on March 23, 2022. The case was handled under the KPPU's fast-track system, because APF Holdings admitted the violation.The full statement, in Indonesian, follows: ...

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