Jakarta: The Indonesian anti-monopoly watchdog KPPU announced on Monday that it would fine TikTok nearly $900,000 due to the company's delayed reporting of its acquisition of the online marketplace Tokopedia.

According to Anadolu Agency, TikTok acquired 75.01% of Tokopedia's shares in early 2024. The company was required to report the takeover to the watchdog within nearly 30 business days, a deadline it failed to meet. The transaction legally went into effect on January 31, 2024, which obligated TikTok to notify KPPU by March 19 of that year.

KPPU's statement, shared on its website, indicated that TikTok Nusantara (SG) Pte. Ltd., the entity responsible for managing the acquisition, acknowledged the delay and accepted the findings of the KPPU investigation. The company was noted for its cooperation throughout the process.

The watchdog also mentioned that TikTok had no prior violations, which contributed to a reduction in the penalties. KPPU determined a fine of 15 billion Indonesian Rupees, equivalent to nearly $900,000, to be imposed on TikTok Nusantara (SG) Pte. Ltd. The company is required to submit the payment to the state treasury within 30 days after the decision is legally binding.