(Sept 24): Danantara Sumberdaya Indonesia is preparing to hire veteran vegetable-oil broker Daniel Lim to lead its palm oil division, according to people familiar with the matter, as the state-owned commodity agency builds out its senior team to oversee trade in one of the nation’s biggest exports.

DSI was set up earlier this year as an arm of the nation’s sovereign wealth fund, Danantara, after President Prabowo Subianto shocked markets by announcing he planned to centralize trade in raw materials. It aims to oversee exports of key commodities including palm oil and coal, scrutinizing transactions to avoid under-invoicing and transfer pricing — practices that Jakarta says can cost the state billions.

Singapore-based Lim was a managing director at agricultural commodities brokerage Tropical Oil ACI from 2014, according to his LinkedIn profile. Most recently, he worked as a trader at Golden Agri-Resources. Lim will join DSI once details have been finalized, the people said, asking not to be identified because the appointment hasn’t been made public.

Representatives from DSI did not immediately respond to requests for comment. Lim declined to comment.

DSI unveiled most of its senior leadership team in August, naming former Perusahaan Listrik Negara chief financial officer Sinthya Roesly as finance director, as well as PT Freeport Indonesia chief executive officer Tony Wenas and National Economic Council deputy chair Mari Elka Pangestu as commissioners. The agency is led by Luke Mahony, a former executive at nickel miner PT Vale Indonesia.

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