Danantara COO says new DSI unit will oversee exports

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JAKARTA, June 11 : The unit of sovereign wealth fund Danantara Indonesia set up as designated exporter for Indonesia's strategic commodities will oversee deals to prevent fraudulent practices, but will not itself take over exports, a fund executive said on Thursday.

• Regulations issued earlier this month stated that after December 31 exports of coal, palm oil and ferroalloy can only be carried out by a designated state-owned enterprise. The government later said Danantara Sumberdaya Indonesia had been appointed to the role.

• In a statement on Thursday, Danantara Indonesia COO Dony Oskaria said the goal of the regulations was "not to take (producers') goods and become a broker who then sells them".

• DSI in a separate statement confirmed a June 10 note from securities firm IndoPremier which said that from January 1 next year, DSI will act as a single intermediary for exports, but will not take a trader position.

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• Referring to a June 5 note describing DSI's role as an intermediary, "facilitating and overseeing export channelling, while allowing the commercial relationship between producers and their trading partners to continue", it said this would apply from January 1.

• DSI is a part of President Prabowo Subianto's plan to centralise exports of key commodities such as coal, palm oil and ferroalloy to tackle concerns about under-invoicing and transfer pricing.

• Indonesia is the world's biggest exporter of palm oil, thermal coal and nickel.

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