JAKARTA: Indonesia's anti-monopoly agency (KPPU) ordered seven cooking oil companies on Friday (May 26) to pay fines of up to US$2.78 million each for restricting sales amid scarce supplies last year. KPPU launched an investigation into the companies' conduct last year after surging prices of cooking oil f
JAKARTA: Indonesia's anti-monopoly agency ordered seven cooking oil companies on Friday to pay fines of up to US$2.78 million each for restricting sales amid scarce supplies last year.
KPPU launched an investigation into the companies' conduct last year after surging prices of cooking oil forced the Indonesian government to implement a temporary cap on retail prices of cooking oil and later a three-week export ban on palm oil, which is used as cooking oil in Indonesia.
The seven companies include Salim Ivomas Pratama, a unit of Indonesia's largest food company Indofood Group, as well as two units of Wilmar Group. Salim Ivomas and Wilmar did not immediately respond to Reuters' requests for comment.All 27 companies were acquitted of the KPPU's price fixing charge.
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