10 Palm Oil Companies to Face Purbaya's Crackdown as Decision Looms This Week

Jakarta, CNBC Indonesia - Finance Minister Purbaya Yudhi Sadewa is pursuing reports from the Financial Development Supervisory Agency (BPKP) and Attorney General’s Office regarding 10 palm oil or CPO companies engaged in export invoice manipulation, known as under-invoicing. Previously, the BPKP and Attorney General’s Office have acted in response to Purbaya’s findings. ‘I will request a report from them next week on the progress,’ Purbaya said in Jakarta last Friday (22/5/2026). Purbaya is confident that his findings on the export price manipulation by the 10 companies are clear, constituting deceptive transfer pricing practices. He has declined to name the 10 exporters involved but stressed that coal companies are also being investigated by the Attorney General’s Office and BPKP for export price manipulation. ‘Once resolved, we won’t shut down the companies; we merely require them to comply with regulations. With the single seller arrangement in place, things should be secure,’ Purbaya stated firmly. The 10 companies identified through random sampling manipulated exports using Singapore-based shell companies. The scheme involved listing low CPO prices for destination countries but altering the selling price after entering Singapore. ‘Shipped to Singapore via trading companies they own, then to the final destination with prices doubled or more—some 200% higher, others quadrupled,’ Purbaya explained.