Indonesia is tightening state control over its globally important natural resources, with new regulations requiring that state-owned enterprises handle exports of key commodities like palm oil, coal and iron alloys.
President Prabowo Subianto told parliament on Wednesday that Indonesia had lost as much as $908 billion because its commodities were undervalued when they were exported. Increasing control will bring more money into government coffers, he said, describing the underreporting of exports to reduce taxes as “fraud or deception.”
