KUALA LUMPUR (June 10): Malayan Banking Bhd (KL:MAYBANK) said its Indonesian unit is not the subject of any investigation, after media reports said bankers at Maybank Indonesia had been questioned by authorities over an ongoing matter involving certain corporate customers.
In a statement on Wednesday, Maybank said Maybank Indonesia personnel have been requested to provide information as witnesses to assist the authorities.
“Maybank Indonesia’s personnel have been requested to provide information as witnesses to assist the authorities, and the bank is not the subject of any investigation,” Maybank said.
The banking group said Maybank Indonesia is cooperating with the relevant authorities in accordance with applicable laws and regulations.
“As a regulated financial institution, Maybank remains committed to maintaining the highest standards of governance, compliance and integrity across all its operations,” it added.
Maybank said the group also remains committed to fulfilling its legal and regulatory obligations in the jurisdictions in which it operates.
“The bank is unable to comment further as the matter remains ongoing, and in view of customer confidentiality obligations and regulatory requirements,” it said.
The statement comes in the wake of a Bloomberg report that Indonesian authorities had questioned bankers at Maybank Indonesia as part of an investigation into suspected export flows involving the Salim Group that may have understated the actual amount.
Citing people familiar with the matter, Bloomberg reported that the queries focused on transactions related to the export activities of PT Salim Ivomas Pratama, one of Indonesia’s largest palm oil producers.
The report said bankers from Maybank Indonesia had brought documents to the attorney general’s office last week to answer questions as witnesses.
Indonesian authorities are said to be examining whether some goods were invoiced below market prices to conceal profits and reduce taxes. Authorities said last month they were investigating 10 major palm oil producers over alleged manipulation of crude palm oil export prices, although it is unclear whether Salim Ivomas is among the companies being probed.
Bloomberg also reported that Maybank Indonesia’s exposure to Salim Ivomas was relatively modest at about 150 billion rupiah, or RM34 million, based on the company’s latest financial statement.
However, the report noted that Maybank Indonesia has been a key banking partner to the broader Salim Group for years.
Salim Ivomas is part of the Salim Group, one of Indonesia’s largest family-owned conglomerates, with businesses spanning food, agriculture, mining and data centres. The group was founded by the late Soedono Salim and is now led by his son, Anthoni Salim.
The matter comes amid heightened scrutiny of Indonesia’s natural resources sector under President Prabowo Subianto, whose administration has moved to tighten oversight of commodity exports and curb revenue leakages.