Indonesia tightens control over key commodity exports
Indonesian President Prabowo Subianto has announced plans to control exports of strategic commodities — including palm oil and coal — as a means to increase revenues and oversight. During a fiery speech in parliament, he revealed that Indonesia had lost as much as US$908 billion in the last 34 years due to under-invoicing, where exporters allegedly reported lower values than actual transaction prices. Mr Prabowo said the new regulation will help curb "fraud". The new policy will see exports of commodities channelled through a state agency, managed by sovereign wealth fund Danantara. Randy Mulyanto reports from Jakarta.
Indonesian President Prabowo Subianto has announced plans to control exports of strategic commodities — including palm oil and coal — as a means to increase revenues and oversight. During a fiery speech in parliament, he revealed that Indonesia had lost as much as US$908 billion in the last 34 years due to under-invoicing, where exporters allegedly reported lower values than actual transaction prices. Mr Prabowo said the new regulation will help curb "fraud". The new policy will see exports of commodities channelled through a state agency, managed by sovereign wealth fund Danantara. Randy Mulyanto reports from Jakarta.
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