LTFRB rejects application of Indonesia’s ride-hailing firm Go-Jek
JAKARTA — The Land Transportation Franchising and Regulatory Board (LTFRB) has rejected the request from Indonesian ride-hailing company Go-Jek to operate in the country because of local regulation on corporate ownership.
The LTFRB pre-accreditation committee’s Resolution No. 096, dated December 20, 2018, disapproves Go-Jek’s application through local transport network company (TNC) Velox Technology Philippines, kompas.com reported on recently.
The board rejected the application on the grounds that it violated the regulation requiring Philippine individuals or entities to own 60 percent of a TNC. Velox Technology Philippines is reportedly 99.99 percent owned by Singaporean investors.
LTFRB pre-accreditation committee head Samuel Jardin confirmed the rejection but added that Velox could still appeal the decision.