Indonesia's Attorney General's Office is planning to scrutinize crude palm oil exporters over alleged export price manipulation, The Jakarta Globe reported Tuesday.
"We are currently in the investigation stage regarding alleged manipulation or transfer pricing practices," the newswire said citing Syarief Sulaeman Nahdi, director of investigations at the Attorney General's Office.
The probe, which has been ongoing for a month, recently found 10 firms potentially involved in the manipulation of palm oil export transactions based on data from Finance Minister Purbaya Yudhi Sadewa, according to the report.
Purbaya has earlier reportedly said an inquiry has been ongoing for a few months and the government is waiting for findings from the Attorney General's Office and auditors regarding the suspected malpractices.
"I selected the 10 largest companies for examination, but in total, we have reviewed more than 15 companies. That is only in the [crude palm oil] sector. We have also found interesting indications in the coal sector," Purbaya said and The Jakarta Post reported.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)