Indonesia's $45m online lending cartel case heads to Supreme Court
By Roffie Kurniawan ( October 29, 2026, 05:09 GMT | Insight) -- Indonesia's competition regulator will challenge a court ruling that overturned a record 755 billion rupiah ($45 million) in fines against 97 online lenders for alleged price fixing, setting up a Supreme Court battle over the boundaries between financial regulation and competition law. The Indonesian Competition Commission said Wednesday that it would appeal the ruling, which found that an industry-wide interest-rate ceiling followed instructions from the financial regulator rather than an unlawful agreement among lenders. The competition regulator had argued that the instructions didn't qualify for an exemption under the state action doctrine because the lending-rate policy had never been formally regulated.Indonesia’s record antitrust fine in an alleged online-lending cartel case is headed to the Supreme Court in a legal battle that could clarify the boundaries between financial-sector regulation and competition-law enforcement....
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