Maybank says not under investigation in Indonesia, confirms cooperation with authorities

KUALA LUMPUR, June 29 — Malayan Banking Bhd has said it is not under investigation in Indonesia, while confirming that its Indonesian subsidiary is cooperating with authorities over enquiries involving certain corporate customers.

The group’s clarification came amid reports of regulatory scrutiny, according to Free Malaysia Today, which said Maybank Indonesia personnel had been asked to provide information as witnesses to assist ongoing investigations.

Maybank said its subsidiary is working with the relevant authorities and that neither the group nor its Indonesian unit is the subject of any investigation.

“As a regulated financial institution, Maybank remains committed to maintaining the highest standards of governance, compliance and integrity across all its operations,” it said, adding that it will continue to meet all legal and regulatory obligations in the jurisdictions where it operates.

The bank said it could not provide further details as the matter is ongoing, citing customer confidentiality and regulatory requirements.

Earlier, Bloomberg reported that Indonesian authorities had questioned bankers at Maybank’s Jakarta unit as part of a probe into suspected export-related transactions linked to the Salim Group, which may have involved understated declared values.

The inquiries reportedly focused on transactions connected to PT Salim Ivomas Pratama, one of Indonesia’s largest palm oil producers.

Authorities are said to be examining whether some exports were invoiced below market value to potentially conceal profits and reduce tax liabilities.

Investigators are also looking into allegations involving multiple palm oil producers in Indonesia over possible manipulation of crude palm oil export pricing, though it remains unclear if PT Salim Ivomas Pratama is among those formally under probe.

A Maybank Indonesia spokesperson said the bank remains committed to strong governance and compliance, and continues to cooperate with authorities in line with applicable laws and regulations.mic requirements.