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View all search resultsWilmar says no official notice received in palm oil export probe
Wilmar shares tumbled 10.5 percent after the government named the palm oil giant in a widening export pricing investigation.
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A new planting area for oil palm is cleared on Jan. 18 near Lamno village, Aceh Jaya regency, Aceh. (AFP/Chaideer Mahyuddin)
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alm oil giant Wilmar International says it has not received any formal notification from Indonesian authorities regarding an investigation into alleged transfer-pricing and under-invoicing practices in crude palm oil (CPO) exports, after the company was named among firms under scrutiny.
“Wilmar wishes to clarify that we have not received official notification of the probe mentioned in the articles but we are working with the relevant authorities to understand their concerns,” the company said in a disclosure filed to the Singapore Exchange on Thursday.
“If and when we receive official notification that Wilmar is being investigated for suspected under-invoicing and transfer pricing, we will update the market accordingly,” the company added.
Wilmar shares in Singapore tumbled as much as 10.5 percent on Thursday, marking their steepest intraday decline since 2020, before paring losses to close 4 percent lower. The share price recovered slightly on Friday.
Read also: Wilmar executive, lawyers found guilty in $4 million palm oil bribery case
Authorities are examining whether exporters understated the value of shipments to reduce export levies and taxes while shifting profits offshore through trading hubs, particularly Singapore.
Finance Minister Purbaya Yudhi Sadewa said on Tuesday that the Finance Ministry had identified 10 palm oil companies suspected of using transfer-pricing practices that may have shaved export tax payments, with discrepancies in export values reaching US$84 million.
