The Go-Jek logo adorns the ride-hailing company’s iconic green helmet in this undated file photograph. (Shutterstock.com/findracadabra )
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.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
