Purbaya Reveals 10 CPO Companies Involved in Underinvoicing, Including Foreign Firms

JAKARTA — Finance Minister Purbaya Yudhi Sadewa stated that the top 10 crude palm oil (CPO) exporters suspected of underinvoicing include both domestic and foreign companies. However, he confirmed these 10 companies are among the largest exporters, though he declined to name them. “We haven’t disclosed the names yet—otherwise I could be sued. But the data exists for ten… a mix of local and foreign companies. The top ten exporters,” Purbaya said at the Coordinating Ministry for Economic Affairs office on Tuesday, 26 May 2026.

Regarding the investigation, Purbaya said the data has been collected and the firms are unaware the government has obtained it. He stated that these companies export CPO to trading firms in Singapore, which then resell it to the United States with prices understated by up to 50%. The companies correctly record exports locally but submit false documentation during transit in Singapore.

“Here it’s correct. There it’s wrong. So the price paid… export data is about 50% lower than it should be,” he said.

“So customs data and export records, right? Up to Singapore? The goods go straight there since the ship doesn’t change. But the paperwork differs. It’s sold there, then resold elsewhere,” Purbaya explained.

“So, is it underinvoicing or hiding? About 50%, roughly,” he added.

Purbaya said the underinvoicing data from these 10 companies has been reviewed by the Finance Ministry, which conducted a rapid AI analysis. The data was then handed over to the Financial and Development Supervisory Agency (BPKP) and the Attorney General’s Office for further investigation.

Purbaya said his ministry initially checked 20 companies, but the remaining 10 were of smaller value. “We focused on the larger ones, and all the big ones are doing this. So if the large ones are involved, the smaller ones likely are too,” he added.