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Gojek slapped with IDR 3.3bn fine after delayed acquisition declaration

Gojek slapped with IDR 3.3bn fine after delayed acquisition declaration

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Gojek has reportedly been slapped with a IDR 3.3 billion fine by the Business Competition Supervisory Commission (KPPU) in Indonesia. According to weekly magazine Tempo, this was due to a delayed declaration of its acquisition of event and ticketing management platform LOKET in 2017. Although required to notify shares purchases within 30 days after the transaction, Gojek allegedly only announced the acquisition two years later in February 2019. 

Gojek's spokesperson told MARKETING-INTERACTIVE that it has followed all the processes set out by KPPU, and is currently waiting for the formal written decision. "Gojek is committed to complying with all prevailing laws and regulations in Indonesia," the spokesperson added. MARKETING-INTERACTIVE understands that KPPU has not alleged any anti-competitive behaviour throughout the incident, and is only looking into the issue of whether a filing was made on time or not.

Earlier in December 2020, Gojek also caught the eye of the Competition and Consumer Commission of Singapore, after news surfaced that the company is in possible merger talks with Grab. A spokesperson told MARKETING-INTERACTIVE previously that it is looking into the potential merger of Gojek and Grab, adding that under Singapore's competition law, section 54 of the Competition Act (Cap. 50B) prohibits mergers that have resulted, or may be expected to result, in a substantial lessening of competition. Gojek did not comment on the alleged merger talks with Grab. 

Gojek's fine in Indonesia comes just weeks after it invested in Indonesian fintech payments company LinkAja. According to a joint statement, the funding further enhances the ability of both companies to strengthen the adoption of digital financial services and accelerate financial inclusion in Indonesia. As part of the partnership, LinkAja will be included as an additional payment method on the Gojek app in Indonesia, enabling users to pay for select additional Gojek services with LinkAja. Users will also be able to make payments for select Gojek services when transacting on the LinkAja app. With this investment, LinkAja’s ongoing Series B fundraising round has now exceeded US$100 million.

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Related Articles:
Gojek invests in LinkAja as mobile payments war heats up
Analysis: Be it Grab or Tokopedia, industry players outline Gojek's possible merger impact on ad industry
SG competition watchdog looking into potential Grab-Gojek merger


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