Wilmar International's shares fell as much as 10.5% in early Singapore trading on May 28, 2026, their steepest intraday drop since 2020, with trading volume hitting nine times the 20-day average [1]. The share price dropped from S$3.40 at 10:41 a.m. to as low as S$3.15 earlier that day [1, 2, 3, 4].
The Indonesian government announced on May 26 that it was investigating 10 crude palm oil exporters, including Wilmar and Singapore-based Musim Mas Group, over suspected under-invoicing and transfer pricing of exports [1, 2, 3, 4]. Under-invoicing involves declaring exports at lower values to shift profits to lower-tax jurisdictions or reduce export taxes [2, 3, 4]. Indonesia’s Finance Minister Purbaya Yudhi Sadewa said companies shipped crude palm oil to trading firms in Singapore, which then sold it to US buyers with price markups of up to 50%, raising concerns about export values being shifted offshore [1, 2, 3, 4].
Wilmar is the world’s largest palm oil refiner and operates plantations in Indonesia [1]. The company said on May 28 it had not received official notification of an investigation but was engaging with Indonesian authorities to understand the concerns. "If and when we receive official notification... we will update the market accordingly," Wilmar said [4].
This is the latest probe for Wilmar after it relinquished an 11.8 trillion rupiah (S$927 million) deposit to Indonesian authorities in a 2025 palm oil export investigation [1]. The announcement of the export probes disrupted Indonesia’s crude palm oil exports and domestic pricing, with tenders halted and buyer hesitance reported [1].
The government has yet to release further details on the investigations. The situation is evolving as Wilmar works with regulators and market participants await updates.
