Business update: 27 companies in cooking oil case, BI holds interest rates

TEMPO.CO, jakarta – The latest news on economy and business channels are colored by different topics. the first news on the progress of the investigation into the alleged cooking oil cartel by the Corporate Competition Control Commission (KPPU).

KPPU has filed the case of the alleged cooking oil cartel. In addition, KPPU has disclosed the names of 27 reported companies.

Meanwhile, the next news concerns Bank Indonesia, which is keeping its benchmark interest rate at 3.5 percent. BI sees core inflation is still under control despite the risk of the impact of the global economic slowdown on domestic growth.

Here are four breaking news stories on business and business channels.

1. KPPU brings cases of suspected cooking oil cartel to the register, 27 companies are reported

The Business Competition Commission (KPPU) has upgraded the status of the suspected cooking oil cartel from investigation to filing. The Commission has inserted two pieces of evidence in the investigation procedure.

“Therefore, it is concluded that it is appropriate to proceed with the filing phase,” KPPU investigator chief Gopprera Panggabean said in a statement on Thursday, July 21, 2022.

It was not explained what kind of evidence the investigative team had gathered. Gopprera merely explained that the elevation of the case’s status was decided at a commission meeting held today at the KPPU headquarters in Jakarta. This allows the case to proceed to the next stage, namely the preliminary investigative assembly process.

Previously, KPPU had been investigating the case of the alleged cooking oil cartel since March 30, 2022. The case was registered under registration number 03-16/DH/KPPU.LID.I/III/2022 regarding alleged violations of Law No. 5 of 1999 (UU 5/2005 99) related to the production and marketing of edible oil in Indonesia.

During the investigation of the case, the KPPU had only one piece of evidence. The KPPU has also summoned parties linked to the alleged Kerlel, such as cooking oil manufacturers, associations, retailers, etc., for questioning.

Read more here.

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