The Indonesia Competition Supervisory Commission (KPPU) has fined Singapore-based Trusty Cars Ltd 1.5 billion rupiah (US$91,883).

The penalty was imposed for failing to meet the deadline to report its acquisition of a 50% stake in PT Mitra Pinasthika Mustika Rent (MPMRent).

Operating as Carro in Southeast Asia, the company was required to notify KPPU by July 12, 2022, but submitted the report 12 working days late, on July 28, 2022.

KPPU ruled that the deal met the asset threshold for mandatory notification under Indonesian competition laws but did not pose any risk of monopolistic practices or unfair competition.

The panel also noted that Carro cooperated throughout the process and had no prior violations.