Wilmar Int'l: Indon unit of Wilmar, PT Wilmar Nabati disclosed that the country's tax office has started a probe into 12 subsidiaries on its 2007-2008 tax report. The investigation started about 3 weeks ago. According to the tax office, Wilmar managed to get 2007 and 2008 tax refunds worth about Rp2.6tr ($397m). Wilmar has strenuously denied the tax allegations but if the charges were substantiated, the penalty would have a material impact on Wilmar's earnings.
Under Indonesian tax law, the Tax Directorate can impose a penalty of up to 4x times the outstanding amount. Immediate resistance at 20-day MA at $5.80.
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