Companies
Wilmar shares tumbled 10.5 percent after the government named the palm oil giant in a widening export pricing investigation.
A new planting area for oil palm is cleared on Jan. 18 near Lamno village, Aceh Jaya regency, Aceh. (AFP/Chaideer Mahyuddin)
Palm 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.
