JAKARTA, June 4 (Reuters) - Indonesia's PT Holdiko Perkasa, a firm holding over 100 companies of the debt-laden Salim Group transferred to the state, said it would suspend all asset sales after a government body ruled it had violated competition laws.
Holdiko's decision to temporarily halt asset sales will impact, among others, the ongoing sale of property firm PT Metropolitan Kencana.
Indonesia's anti-monopoly commission, known as KPPU, fined Holdiko five billion rupiah ($585,800) last Thursday over the controversial sale last year of one of its assets, auto maker PT Indomobil Sukses International .
"KPPU's decision last week has created uncertainty for Holdiko and in line with the recommendation from our legal adviser, we have decided to stop temporarily all activities regarding asset sales," Holdiko President Director Scott Coffey told reporters late on Monday.
Indonesia's powerful bank restructuring agency (IBRA) -- to which Salim owes some 53 trillion rupiah ($6.21 billion) -- sold its 72.63 percent in Indomobil through Holdiko to a consortia led by PT Trimegah Securities.
KPPU conducted an investigation over the stake sale after widespread suspicion that the former owner Salim might be behind the bidders represented by Trimegah.
Salim is prohibited from buying back assets surrendered to the state as part of its debt settlement.
The commission also fined Deloitte & Touche, Trimegah and several other local firms over the deal. It said Deloitte, as adviser, knew bidders did not meet certain conditions set out in the sale but allowed them to proceed.
Other Holdiko firms which have been sold to repay the conglomerate's debts include stakes in First Pacific Co Ltd , a Salim-controlled company which holds 48 percent of the world's largest instant noodle maker PT Indofood , and broadcasting firm PT Indosiar .
(US$ = 8535 Rupiah)