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Amended Indonesian antitrust fines outlined in new regulation

( July 22, 2021, 08:55 GMT | Official Statement) -- MLex Summary: Indonesia’s competition regulator has issued a regulation outlining how it will impose administrative fines on erring companies, after a law passed last year changed the previous cap of 25 billion rupiah ($1.7 million) to 50 percent of net profit or 10 percent of turnover in the relevant market during the infringement period. The regulation outlines how the Indonesian Competition Commission will determine a company’s net profit or turnover based on audited financial statements, and states that companies may request to pay the fine in installments. It also states that penalties will be imposed for late payments, and that companies must submit a bank guarantee equivalent to at least 20 percent of the fine in case it files an appeal.The regulation, in Indonesian, is attached....

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