IDX:SIMP

2 stories mentioning IDX:SIMP

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Market Chatter: Indonesia Investigates Malayan Banking on Financial Irregularities with Salim Group

Indonesian authorities on Wednesday questioned Malayan Banking's (KLSE:MAYBANK) staff over suspected financial irregularities with Salim Group's palm-oil-manufacturing subsidiary Salim Ivomas Pratama (IDX:SIMP), Bloomberg News reported Wednesday, citing people familiar with the matter.The bank is suspected of understating the actual amount of export inflows into the group, the report said.Authorities will investigate if some goods are invoiced below their market price to hide profits and lower taxes, the report said.Maybank Indonesia has relatively limited exposure to Salim Ivomas Pratama, with outstanding loans of about 150 billion rupiah, according to the report.However, the bank has a long banking relationship with the broader Salim Group. It remains unclear whether regulators have also questioned other banks associated with the group, Bloomberg said.(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.)

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Asia19d ago

Market Chatter: Indonesia Probes Major Palm Oil Firms Over Alleged Export Under-Invoicing

Indonesia has launched investigations into major palm oil producers over alleged under-invoicing and transfer pricing practices tied to commodity exports, Nikkei Asia reported Tuesday, citing Finance Minister Purbaya Sadewa.The companies under scrutiny include Wilmar Group (SGX:F34), Musim Mas and Salim Ivomas (IDX:SIMP), according to Purbaya, who said authorities had identified discrepancies in export volumes and transaction values, the news outlet reported.Purbaya alleged some exporters used Singapore-based trading firms to report export prices at roughly half their actual value, describing the practice as a form of smuggling and under-invoicing as much as 50%, according to the report.He said authorities have so far investigated 20 companies, with larger firms prioritized for enforcement action. The government is also using artificial intelligence tools to identify additional cases, Nikkei Asia reported.Wilmar, Musim Mas and Salim Ivomas did not immediately respond to' request for comments.(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.)

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