Purbaya Has Names of 10 Palm Oil Export Manipulation Firms — This Is Their Modus Operandi

Jakarta, CNBC Indonesia — Indonesian Finance Minister Purbaya Yudhi Sadewa said he has in his possession the names of ten palm oil companies that carried out invoice manipulation, i.e., under invoicing. The firms are described as large-scale. The disclosure came as he answered questions from reporters at the Presidential Palace, Central Jakarta, on Thursday, 21 May 2026. Purbaya said he had been invited to lunch with President Prabowo Subianto. When asked what would be discussed on the agenda, he refused to give details. He said he would bring the names of the ‘naughty’ palm-oil companies if President Prabowo Subianto asked. Purbaya then showed a folder he had prepared while explaining that the Ministry of Finance had conducted spot checks on three shipments among ten companies, all operating in the palm oil sector (crude palm oil/CPO). “Be prepared if you’re asked; you must not be caught out,” he said. “They appear clearly to manipulate export prices to the United States (as per the documents). It is quite significant.” One of the companies recorded an export price of US$2.6 million, while the price paid by an importer in the US was US$4.2 million. “So the difference is 57%,” he said. “There are even more extreme cases. One company here exported US$1.44 million, while the corresponding import in the US was around US$4 million. The price changed by 200%. We want to track ships, vessel by vessel. So that is what I reported when asked,” he added.