Purbaya Reveals Errors at 10 CPO Companies – Is Underinvoicing Involved?

Finance Minister Purbaya Yudhi Sadewa confirmed that 10 companies are suspected of engaging in transfer pricing and underinvoicing. The statement was made during an interview at the Coordinating Ministry for Economic Affairs office on Tuesday, 25 May 2026.

Purbaya explained the difference between underinvoicing and transfer pricing: underinvoicing involves altered volumes with unchanged prices, while transfer pricing maintains export volumes but manipulates the price. ‘It could be transfer pricing as well. Underinvoicing changes the volume. But both are similar. I see both happening. Underinvoicing due to transfer pricing. The reported data here… No, perhaps more transfer pricing,’ he told reporters.

According to Purbaya, the companies accurately recorded exports in Indonesia but altered the records during transhipment in Singapore. ‘Here it’s correct. There it’s wrong. So the paid price… Export data is about 50% lower than it should be, roughly,’ he said.

Further investigation by the Finance Ministry’s findings is being handled by the Attorney General’s Office and BPKP. Purbaya stated he submitted the data to the Attorney General three months ago. ‘The data was handed over three months ago. It reached them. Maybe two or three months ago, they followed up,’ he added.

Purbaya said he cannot disclose the names of the suspected crude palm oil (CPO) exporters, but confirmed the 10 companies are major exporters. ‘We haven’t named them yet. I’d be sued. But there are data on ten… Mixed, perhaps. The top ten exporters,’ he said.