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Indonesian regulator's order can't justify rate fixing, ex-commissioner tells hearing

By Roffie Kuniawan ( November 21, 2025, 09:08 GMT | Insight) -- A former Indonesian antitrust commissioner told an interest-rate cartel hearing that the 0.8 percent daily lending-rate cap set by members of the fintech association AFPI could constitute cartel behavior even if it was made under regulatory guidance. Testifying as an expert witness for investigators, Sukarmi rejected lenders’ claims that the rates simply followed orders from the Financial Services Authority, saying regulatory instructions don’t exempt companies from antitrust law if their conduct harms the public.A former Indonesian antitrust commissioner told an ongoing interest-rate cartel hearing that any agreement among association members in the same line of business has the potential to violate the country’s competition law, even if it was made under regulatory guidance....

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