Jakarta (24/02) – The Indonesia Competition Commission (KPPU) has fined Trusty Cars Pte. Ltd. approximately $96,000 (Rp 1.5 billion) for failing to notify the regulator on time about its acquisition of PT Mitra Pinasthika Mustika Rent (MPMRent). The decision was issued in Case No. 15/KPPU-M/2024, with the commission ruling that Trusty Cars was 12 working days late in submitting its notification.
Trusty Cars, a Singapore-based automotive marketplace, acquired 50% of MPMRent’s shares on May 31, 2022. Under Indonesian law, mergers and acquisitions exceeding a certain financial threshold must be reported to KPPU within 30 days. The notification was only received on July 28, 2022, beyond the deadline.
Despite the delay, KPPU noted mitigating factors, including Trusty Cars’ cooperation and its clean legal record. The acquisition itself was found not to have led to monopolistic practices or unfair competition.
Source: https://kppu.go.id/wp-content/uploads/2025/02/Siaran-Pers-No.-009_KPPU-PR_II_2025.pdf
