TikTok Fined $900K for Late Tokopedia Deal Report

JAKARTA – Indonesia’s anti-monopoly agency has fined TikTok 15 billion rupiah (approximately $900,000) for the late reporting of its acquisition of e-commerce platform Tokopedia.

The deal, completed in January 2024, saw TikTok, owned by China’s ByteDance, acquire 75.01% of Tokopedia for $840 million from PT GoTo Gojek Tokopedia.

A TikTok spokesperson said the company respects and appreciates the decision by Indonesia’s Commission for the Supervision of Business Competition (KPPU) and remains committed to upholding fair business competition principles.

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The KPPU has the authority to investigate and determine violations of competition law. It can impose fines or issue administrative sanctions based on its findings.

The fine highlights the importance of timely reporting in mergers and acquisitions under Indonesian antitrust regulations. TikTok’s acquisition of Tokopedia marked a significant expansion of the social media giant into Southeast Asia’s e-commerce market.

TikTok has stated it will continue to cooperate with Indonesian authorities and adhere to local regulations in its business operations.