JAKARTA (AFP): Indonesia's antitrust agency has fined TikTok 15 billion rupiah (US$900,000) for failing to notify regulators in time about its acquisition of e-commerce platform Tokopedia, an official said on Monday.
TikTok, owned by China's ByteDance, completed an $840 million deal in January 2024 to acquire 75.01 percent of Tokopedia from PT GoTo Gojek Tokopedia, which retained the remaining stake.
The acquisition allowed TikTok to relaunch its online shopping service in Indonesia, after the government banned social media-based sales to protect small businesses.
Deswin Nur, spokesperson for the Indonesia competition commission (KPPU), said TikTok Nusantara (SG) Pte -- the entity established for the transaction -- failed to notify the agency within the required timeframe.
"Although KPPU previously conditionally approved this acquisition and assessed that it has no negative impact on business competition, administrative negligence was still categorised as a violation," Deswin said.
"Notification must still be submitted promptly by the acquiring business entity."
A TikTok spokesperson told AFP the company respected KPPU's ruling and remained committed to upholding fair business competition principles. - AFP
