Indonesian anti-monopoly agency fines TikTok for late reporting of Tokopedia deal

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TikTok has been fined 15 billion rupiah ($900,000) for the late reporting of its acquisition of e-commerce platform Tokopedia, Indonesia's anti-monopoly agency said on Monday.TikTok, which is owned by China's ByteDance, completed a deal in January 2024 to buy 75.01% of Tokopedia for $840 million from PT GoTo Gojek Tokopedia IDX:GOTO.A TikTok spokeperson said they respect and appreciate KPPU's decision and remain committed to upholding the principles of fair business competition.The antitrust agency has the power to investigate and determine violations of competition law and impose fines or issue administrative sanctions, based on their findings. ($1 = 16,665 rupiah)

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