24-Hour Update: Bareskrim Seizes Documents and Computers; Wilmar Shares Down 10.5% as Golden Agri and Salim Ivomas Pratama Named – Companies Will Not Be Closed But Must Pay Dues
Published: May 30, 2026
By: Zeeshan Khan
Reading time: 17 minutes
Category: International Trade / Anti-Corruption / Commodities
Note: May 30, 2026 – This is an update to the May 29, 2026 article: Indonesia’s Palm Oil Export Crackdown: Wilmar Shares Plunge 10.5% as Company Responds – Golden Agri and Salim Ivomas Pratama Named, Sanctions Under Consideration.
JAKARTA / SINGAPORE – May 30, 2026 – One day after Wilmar International issued its official response to Indonesia’s palm oil export investigation, the Indonesian National Police have escalated enforcement. On May 29, 2026, Bareskrim Polri (Criminal Investigation Agency) raided the offices and warehouses of palm oil exporter PT MMS in North Jakarta and Tangerang, seizing documents, invoices, export declarations, and computer units.
This 24-hour update covers the police raid on PT MMS, the escalation of the case to formal criminal investigation (penyidikan), newly disclosed financial anomalies from named companies, the unchanged status of Wilmar’s share price drop and official response, and the continued collapse of fresh fruit bunch prices affecting smallholder farmers.
The Essentials: Who, What, When, Where, Why, How (Last 24 Hours – May 29–30, 2026)
The Essentials: Who, What, When, Where, Why, How (Last 24 Hours – May 29–30, 2026)
Who: The Indonesian National Police Criminal Investigation Agency (Bareskrim Polri); PT MMS (palm oil exporter); Wilmar International Limited (Singapore-based); Musim Mas Group (Singapore-based); Golden Agri Resources (Singapore-based); Salim Ivomas Pratama (Indonesia-based); PT Sinar Mas Agro Resources and Technology Tbk (SMAR); Indonesia’s Finance Minister Purbaya Yudhi Sadewa; the Attorney General’s Office; the Financial and Development Supervisory Agency (BPKP); the Singapore Exchange (SGX); and smallholder farmers across Indonesia.
What: Four major developments since May 29, 2026: police raided PT MMS offices and warehouses in North Jakarta and Tangerang, seizing documents, invoices, PEB forms, and computer units; Bareskrim Polri escalated the case to formal criminal investigation (penyidikan) after finding sufficient preliminary evidence; financial anomalies disclosed showing Wilmar (+21.9% revenue, -22.8% profit), Golden Agri (+6.0% revenue, -20.0% profit), and SMAR (-2.0% revenue, +518.1% profit); and Wilmar share drop of 10.5% on May 28 confirmed as biggest one-day loss since February 2012 with company still awaiting official notification.
When:
- May 29, 2026 – Police raid PT MMS in North Jakarta and Tangerang
- May 29, 2026 – Bareskrim confirms case upgraded to investigation stage (penyidikan)
- May 29, 2026 – Financial anomalies disclosed (Wilmar, Golden Agri, SMAR)
- May 28, 2026 – Wilmar shares drop 10.5% (first trading day after May 26 announcement; Singapore market closed May 27 for holiday)
- May 28, 2026 – Wilmar issues disclosure to SGX – denies receiving official notification
- May 28, 2026 – Finance Minister names Golden Agri and Salim Ivomas Pratama
- May 26, 2026 – Finance Minister announces investigation of 10 exporters (previously reported)
- June 1, 2026 – Phase 1 transition period begins
- January 1, 2027 – Full mandatory implementation begins
Where: The police raid occurred at PT MMS offices on Jalan Ampera IV, Pademangan, North Jakarta, and at warehouses in Tangerang, Banten. The investigation covers palm oil exports from Indonesia to international markets, with specific focus on trading companies in Singapore. The policy applies to all Indonesian palm oil exports regardless of destination.
Why (Immediate Cause): The raid followed the government’s discovery that export data reported to Singapore was approximately 50% below actual values. Investigators found sufficient preliminary evidence of suspected under-invoicing, prompting escalation to formal criminal investigation and physical evidence seizure.
How (Mechanism): Bareskrim Polri’s Sub-directorate 1 of Certain Crime Directorate conducted the raid. Investigators seized company documents, invoice documents, PEB (Pemberitahuan Ekspor Barang / Export Declaration) documents, and computer CPU units. The case is now in the investigation stage (penyidikan), with authorities tracing individuals responsible for alleged fraud.
Specific Updates in the Last 24 Hours (May 29–30, 2026)
1. Police Raid PT MMS – Documents and Computers Seized
On May 29, 2026, the Indonesian National Police’s Criminal Investigation Agency (Bareskrim Polri) raided the offices and warehouses of palm oil exporter PT MMS. This is the first physical enforcement action taken since the investigation was announced on May 26.
Raid Details:
| Detail | Information |
|---|---|
| Company raided | PT MMS (palm oil exporter) |
| Date of raid | May 29, 2026 |
| Authority | Bareskrim Polri (Sub-directorate 1 of Certain Crime Directorate) |
| Locations | Jalan Ampera IV, Pademangan, North Jakarta; and Tangerang, Banten |
| Evidence seized | Company documents, invoices, PEB (Export Declaration) forms, computer CPU units |
| Case status | Upgraded to investigation (penyidikan) |
Official Statement from Kombes Pol Setyo K. Heriyatno (Kasubdit 1 Dittipidter Bareskrim Polri):
“Investigators suspect manipulation of export data to reduce declared values, potentially causing state losses.”
“The case has been upgraded to the investigation stage after investigators found sufficient preliminary evidence through a series of investigations and case reviews.”
“We will investigate who is responsible in this case and ensure the law enforcement process runs professionally.”
Significance: This raid represents a significant escalation from the administrative investigation described in the May 29 article to a criminal investigation involving physical searches and evidence seizure. PT MMS is the first company to face such enforcement action.
2. Case Escalated to Formal Criminal Investigation (Penyidikan)
The raid confirms that the case has been formally escalated within the Indonesian legal system.
Investigation Status:
| Stage | Status |
|---|---|
| Preliminary inquiry (penyelidikan) | COMPLETED |
| Formal investigation (penyidikan) | ACTIVE – as of May 29, 2026 |
| Evidence seizure | COMPLETED – documents, PEB forms, computers |
| Individual accountability | UNDER INVESTIGATION – authorities tracing responsible parties |
What This Means: The case is no longer at the data review stage. Investigators have found sufficient evidence to proceed with formal criminal investigation. Individuals could face criminal charges depending on investigation outcomes.
3. Financial Anomalies Disclosed – Transfer Pricing Red Flags
CNBC Indonesia reported on May 29, 2026, the financial performance of named companies, revealing anomalies between revenue growth and profitability that investigators are likely scrutinizing.
Q1 2026 Financial Comparison:
| Company | Revenue Growth (YoY) | Net Profit Change (YoY) | Net Profit Margin Change |
|---|---|---|---|
| Wilmar International | +21.9% | -22.8% | From 2.12% → 1.34% |
| Golden Agri-Resources | +6.0% | -20.0% | From 1.70% → 1.36% |
| PT SMAR (domestic affiliate) | -2.0% | +518.1% | From 0.63% → 4.00% |
Key Insight from Financial Data: The data shows a striking pattern. Singapore-based holding companies (Wilmar, Golden Agri) saw strong revenue growth but collapsing profits. The Indonesian domestic affiliate (PT SMAR) saw flat revenue but explosive profit growth of 518%. This anomaly—profits being booked domestically while holding companies show margin compression—is precisely the type of transfer pricing red flag that Indonesian authorities are investigating.
Context from May 29 Article: The Finance Minister previously confirmed that companies exported CPO to trading companies in Singapore at approximately 50% below actual prices. These trading companies then resold cargo to the United States and other destinations at marked-up prices. The financial data shows where the profits ended up.
4. Wilmar Share Drop Confirmed – 10.5% Plunge Since Announcement
The market impact reported in the May 29 article remains unchanged. Wilmar shares dropped as much as 10.5% on May 28, 2026, their biggest one-day percentage loss since February 2012.
Market Impact Summary:
| Metric | Value |
|---|---|
| Share price drop | Up to 10.5% |
| Price level | S3.15(approximatelyUS2.47) |
| Significance | Biggest one-day percentage loss since February 2012 |
| Trading day | May 28, 2026 (first trading day after May 26 announcement; Singapore market closed May 27 for holiday) |
Wilmar’s Official Response (Unchanged from May 29 Article):
- The company has not yet received official notification of any investigation
- Wilmar is working with relevant authorities to understand the government’s concerns
- The company will update the market immediately upon receiving official notification
- The company reiterated its commitment to cooperating with authorities
Key Quote from Wilmar’s Statement: “If and when we receive official notification that Wilmar is under investigation for suspected under-invoicing and transfer pricing of exports, we will update the market accordingly.”
Musim Mas Status (Unchanged): Musim Mas Group has not responded to requests for comment as of May 30, 2026.
5. Additional Companies Previously Named: Golden Agri and Salim Ivomas Pratama
The May 29 article confirmed that Finance Minister Purbaya publicly identified two additional companies as among those included in the government’s findings.
Companies Named to Date (Updated May 30):
| Company | Headquarters | Status as of May 30 |
|---|---|---|
| Wilmar International Limited | Singapore | Responded; denies receiving official notification; shares down 10.5%; cooperating |
| Musim Mas Group | Singapore | No response as of May 30 |
| Golden Agri Resources | Singapore | Named by Finance Minister; financial data disclosed |
| Salim Ivomas Pratama (SIMP) | Indonesia | Named by Finance Minister; awaiting implementing regulations |
| PT MMS | Indonesia | RAIDED (May 29); investigation ongoing |
| PT SMAR (Sinar Mas Agro) | Indonesia | Domestic affiliate of Golden Agri; financial data disclosed |
| 6 other exporters | Various | Names not publicly disclosed |
6. Government Sanctions Position Unchanged – Companies Will Not Be Closed
The government’s position on potential sanctions, reported in the May 29 article, remains unchanged.
What Sanctions Are Being Considered:
| Sanction Type | Status |
|---|---|
| Company closure | NOT being considered |
| Payment of dues | WILL BE REQUIRED – amount to be determined after investigation |
| Further penalties | Under evaluation |
Quote from Finance Minister Purbaya (May 28): “We will see what the best (sanctions) are. But we will not close those companies. They must pay their dues as determined later after the investigation.”
What This Means: The government has emphasized that these companies must “pay their obligations” based on the investigation’s findings, but will not be shut down. The PT MMS raid suggests criminal liability may attach to individuals rather than corporate closure.
7. Fresh Fruit Bunch (FFB) Price Collapse Remains Unchanged
The collapse of fresh fruit bunch prices reported in previous articles remains a critical issue affecting smallholder farmers. No improvement has been reported in the last 24 hours.
Price Impact (Unchanged):
| Period | FFB Price (per kg) | Change |
|---|---|---|
| Before policy announcement | Approximately 3,800 rupiah | – |
| After policy announcement | 1,500-2,500 rupiah | Down 50-60% |
Farmer Impact (Unchanged): According to Mansuetus Darto, chairman of the Indonesian Oil Palm Farmers’ Association (APKASINDO): “Fruit is being left to rot in the fields as the collectors have stopped picking up fruit with trucks, and farmers don’t have their own trucks.”
Government Response (Previously Reported, Unchanged): Deputy Minister of Agriculture Sudaryono met with industry stakeholders on May 26 and confirmed that producers agreed to buy fresh fruit bunches at reference prices set by local governments. Implementation is still pending as of May 30.
8. Implementation Timeline Remains Unchanged
The implementation timeline from previous articles remains confirmed and unchanged.
Revised Implementation Timeline:
| Period | Event | Details |
|---|---|---|
| June 1 – August 31, 2026 | Transition evaluation period | Existing exporters handle transactions; reporting submitted to DSI |
| September – December 31, 2026 | Mixed transition period (voluntary) | Exporters that are ready may fully transfer activities to DSI |
| January 1, 2027 | Full mandatory implementation | All exports of three commodities must be conducted through DSI |
Additional Clarification (Unchanged): The Trade Ministry will continue issuing export permits, while export levies and duties will continue to apply. The existing Domestic Market Obligation (DMO) policy for crude palm oil exports will remain unchanged.
Comparison: Before (May 29 Article) and After (May 30 – Current)
| Issue | As of May 29, 2026 (Article) | As of May 30, 2026 (Current – Last 24 Hours) |
|---|---|---|
| Police raid on PT MMS | Not reported | RAID CONFIRMED – May 29; evidence seized |
| Case status | Administrative investigation | CRIMINAL INVESTIGATION – upgraded to penyidikan |
| Individual accountability | Not specified | UNDER INVESTIGATION – authorities tracing responsible parties |
| Financial anomalies | Not disclosed | DISCLOSED – Wilmar, Golden Agri, SMAR data show transfer pricing red flags |
| Wilmar share drop | 10.5% – confirmed | UNCHANGED – drop confirmed |
| Wilmar official response | Issued – awaiting notification | UNCHANGED – no further update |
| Musim Mas response | No response | UNCHANGED – no response |
| Golden Agri & Salim Ivomas named | Confirmed | UNCHANGED – names confirmed |
| Sanctions consideration | Companies will not be closed; must pay dues | UNCHANGED – position unchanged |
| FFB price collapse | 1,500-2,500 rupiah/kg | UNCHANGED – no improvement |
| Phase 1 start date | June 1, 2026 | UNCHANGED – 2 days |
| Full implementation date | January 1, 2027 | UNCHANGED – unchanged |
Timeline of Key Events (Updated Through May 30, 2026)
| Date | Event |
|---|---|
| May 21, 2026 | Centralized export system announced; CPO futures slide |
| May 24-25, 2026 | DSDI formally established; Luke Thomas Mahony appointed |
| May 25, 2026 | Trade Minister Regulation Number 25 of 2026 published |
| Approx. 3 months before May 26 | Investigation began (date not specified) |
| May 26, 2026 | Finance Minister announces investigation of 10 exporters, names Wilmar and Musim Mas |
| May 26, 2026 | FFB price collapse reported; farmers leaving fruit to rot |
| May 26, 2026 | Deputy Minister meets industry stakeholders; reference prices agreed |
| May 27, 2026 | Singapore market closed for holiday |
| May 28, 2026 | Wilmar shares drop 10.5% (first trading day after announcement) |
| May 28, 2026 | Wilmar issues disclosure to SGX – denies receiving official notification |
| May 28, 2026 | Finance Minister names Golden Agri and Salim Ivomas Pratama |
| May 28, 2026 | Government confirms investigation underway for ~3 months; 20 companies examined |
| May 28, 2026 | Government states companies will not be closed but must pay dues |
| May 28, 2026 | SIMP, LSPP, SMAR respond – awaiting implementing regulations |
| May 29, 2026 | Police raid PT MMS in North Jakarta and Tangerang |
| May 29, 2026 | Bareskrim confirms case upgraded to investigation stage (penyidikan) |
| May 29, 2026 | Financial anomalies disclosed – Wilmar, Golden Agri, SMAR data |
| June 1, 2026 | Phase 1 transition period begins (2 days) |
| September 1, 2026 | Voluntary mixed transition period begins |
| January 1, 2027 | Full mandatory implementation begins |
Why This Matters (Updated for May 30)
The police raid on PT MMS represents a significant escalation in Indonesia’s palm oil export crackdown. This is no longer just an administrative investigation or a data review. Criminal investigators have seized physical evidence and are now tracing individual responsibility.
For PT MMS: The company is the first to face physical enforcement action. Its offices and warehouses have been searched. Documents, PEB forms, and computers have been seized. The case is now a formal criminal investigation.
For Wilmar International: The company has responded, stating it has not received official notification. Its shares dropped 10.5% on May 28, the biggest one-day loss since February 2012. The market has clearly reacted negatively. Wilmar is cooperating with authorities.
For Golden Agri and Salim Ivomas Pratama: These companies have been named by the Finance Minister. Financial data shows suspicious profit patterns. Golden Agri’s domestic affiliate (PT SMAR) saw profits surge 518% while Golden Agri’s profits collapsed 20%.
For the 10 companies under investigation: The government has confirmed that the investigation has been underway for approximately three months and that 20 companies have been examined. The government will not close any companies, but they must pay their dues. Individuals, however, may face criminal liability.
For smallholder farmers: The collapse of fresh fruit bunch prices to 1,500-2,500 rupiah per kilogram (down from 3,800 rupiah) remains a critical issue. Farmers are leaving fruit to rot in the fields. The government’s agreement on reference prices has not yet been implemented.
For investors: Wilmar’s 10.5% share price drop demonstrates that the market views the investigation as a material risk. The escalation to criminal investigation with physical raids may increase that risk perception.
For the palm oil industry: The raid on PT MMS signals that enforcement is active and escalating. Companies should expect continued scrutiny and potential additional raids.
Current Status (As of May 30, 2026, 14:00 EST)
| Element | Status |
|---|---|
| Police raid on PT MMS | COMPLETED (May 29) – evidence seized; investigation ongoing |
| PT MMS investigation | ESCALATED – from inquiry to formal investigation (penyidikan) |
| Individual accountability | UNDER INVESTIGATION – authorities tracing responsible parties |
| Wilmar official response | ISSUED – denies receiving official notification; cooperating with authorities |
| Wilmar share price | DOWN 10.5% – biggest drop since February 2012 |
| Musim Mas response | NO RESPONSE as of May 30 |
| Golden Agri named | CONFIRMED – by Finance Minister |
| Salim Ivomas Pratama named | CONFIRMED – by Finance Minister |
| Financial anomalies | DISCLOSED – Wilmar (+21.9% revenue, -22.8% profit); Golden Agri (+6.0% revenue, -20.0% profit); SMAR (-2.0% revenue, +518.1% profit) |
| Investigation duration | ~3 MONTHS before public announcement |
| Companies examined | 20 COMPANIES – focusing on 10 largest |
| Sanctions under consideration | COMPANIES WILL NOT BE CLOSED – must pay dues |
| Under-invoicing gap | CONFIRMED – approximately 50% |
| Modus operandi | CONFIRMED – physical shipment direct, paperwork shows only Singapore, 50% price under-reporting |
| FFB price collapse | CONFIRMED – 1,500-2,500 rupiah per kg |
| Government reference prices | AGREED – implementation pending |
| Phase 1 start date | JUNE 1, 2026 (2 days) |
| Full mandatory implementation | JANUARY 1, 2027 |
What to Watch For (Updated Timeline)
| Event | Expected Timing | Significance |
|---|---|---|
| Additional police raids | Unknown – possible | Other named companies could face similar searches |
| PT MMS investigation results | Days to weeks | First criminal case; may set precedent for penalties |
| Official notification to Wilmar | Unknown | Could trigger further market reaction and formal legal proceedings |
| Individual charges | After investigation | Possible criminal liability for responsible individuals |
| Musim Mas official response | Unknown | Could provide additional clarity on industry position |
| Golden Agri official response | Unknown | Could follow Wilmar’s lead in disclosing to SGX |
| Singapore government response | Unknown | Could affect diplomatic and trade relations |
| Sanctions announcement | After investigation concludes | Will determine financial penalties for the 10 companies |
| Phase 1 implementation | June 1, 2026 (2 days) | Documentation requirements take effect |
| Implementing regulations | “Coming weeks” | Will clarify operational details for all exporters |
| Reference price implementation | “Coming days” | Could provide relief to smallholder farmers |
| Full mandatory implementation | January 1, 2027 | DSI takes full control of contracts, shipments, payments |
Sources
- Disway.id (May 30, 2026) – “Bareskrim Polri Raids Palm Oil Exporter PT MMS Offices” – Raid details; evidence seized (documents, invoices, PEB forms, computers); locations (Jalan Ampera IV, Pademangan, North Jakarta and Tangerang, Banten)
- Indonesian National Police (Bareskrim Polri) – Official Statement (May 29, 2026) – Statement from Kombes Pol Setyo K. Heriyatno; case upgraded to investigation stage (penyidikan); sufficient preliminary evidence found; individuals responsible being traced
- CNBC Indonesia (May 29, 2026) – “Wilmar Buka Suara Soal Pernyataan Purbaya” – Wilmar’s official response; denies receiving official notification; working with authorities; financial data disclosure (Wilmar, Golden Agri, SMAR)
- CNBC Indonesia (May 29, 2026) – Financial data: Wilmar (+21.9% revenue, -22.8% profit); Golden Agri (+6.0% revenue, -20.0% profit); SMAR (-2.0% revenue, +518.1% profit)
- MarketWatch (May 28, 2026) – “Wilmar Shares Fall Sharply Amid Indonesia Probe” – 10.5% share price drop; biggest loss since 2012; Singapore market closed May 27 for holiday; Musim Mas no response
- Jakarta Globe (May 26, 2026) – “Finance Minister Names Major Palm Oil Exporters in Transfer Pricing Probe” – Golden Agri and Salim Ivomas Pratama named; 50% under-invoicing gap confirmed; investigation ongoing for 3 months; 20 companies examined
- ANTARA News (May 26, 2026) – “Govt considers sanctions for companies suspected of trade misinvoicing” – Companies will NOT be closed; must pay dues; joint investigation with AGO and BPKP
- Tribunkaltim.co (May 28, 2026) – “Bocoran Purbaya soal 10 Perusahaan CPO” – Modus operandi details; physical shipment direct, paperwork shows only Singapore; Wilmar and Musim Mas confirmed
- Tempo.co (May 26, 2026) – “Indonesia’s Palm Oil Firms Await New Export Regulation Details” – SIMP, LSPP, SMAR responses; awaiting implementing regulations; SMAR Deputy CEO Gianto Widjaja quote
- Previous article: Indonesia’s Palm Oil Export Crackdown: Wilmar Shares Plunge 10.5% as Company Responds – Golden Agri and Salim Ivomas Pratama Named, Sanctions Under Consideration (The 5 Ws, May 29, 2026) – Baseline information on Wilmar response, share drop, additional companies named, sanctions consideration, investigation duration, industry responses
The 5 W's 
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