Indonesia court rejects Temasek appeal
Updated
An Indonesian court has rejected an appeal by Singaporean investment giant Temasek against a ruling that it breached anti-monopoly laws.
News website Detikcom says the Central Jakarta district court has upheld a November ruling by the Indonesian competition watchdog KPPU.
The November ruling ordered Temasek to divest its stake in either PT Telkomsel or PT Indosat within two years.
Temasek says it is "deeply disappointed by the verdict" and plans to file an appeal with Indonesia's Supreme Court.
Temasek holds no direct shares in Indosat and Telkomsel.
But through its subsidiary ST Telemedia it holds 41 percent in Indosat and through Singtel it indirectly holds 35 percent in Telkomsel.
