Indonesia’s anti-trust watchdog fines Grab more than $3 million

JAKARTA (Reuters) – Indonesia’s anti-trust watchdog announced fines totalling more than $3 million for Grab and its business partner after finding it guilty of breaking anti-monopoly laws, a verdict the ride-hailing firm vowed to appeal. In a statement, Dinni Melanie, the chair of the watchdog judicial panel, said it had found Grab infringed the anti-monopoly laws after evaluating the case on Thursday evening. The agency imposed a fine of 30 billion rupiah ($2.1 million) on Grab and a penalty of 19 billion ($1.03 million) rupiah on TPI. A spokesman for Grab, which is Southeast Asia’s most valuable startup with a valuation of $14 billion, told Reuters the firm would appeal the verdict. ($1=14,450.0000 rupiah)(Reporting by Fanny Potkin in Singapore and Bernadette Christina Munthe in Jakarta; Editing by Clarence Fernandez)Related article here.

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