AsianFin -- Indonesia’s antitrust agency, KPPU, has fined TikTok 15 billion rupiah ($900,000) for failing to timely report its acquisition of e-commerce platform Tokopedia, the agency announced Monday.

TikTok, owned by China’s ByteDance, finalized the deal in January 2024, acquiring a 75.01% stake in Tokopedia for $840 million from PT GoTo Gojek Tokopedia.

A TikTok spokesperson said the company respects and appreciates KPPU’s decision and remains committed to upholding fair business competition principles.

KPPU has the authority to investigate competition law violations and impose fines or administrative sanctions based on its findings.