Jakarta. Danantara Sumberdaya Indonesia (DSI), the export unit under the sovereign wealth fund, has introduced defense businessman Syaifurrahman “Cipung” Noer as its president commissioner.

In his debut presser on Monday, DSI’s Australian-born boss Luke Mahony unveiled the months-old agency’s board of commissioners.

The board includes Tony Wenas, the boss of the mining heavyweight Freeport Indonesia. His position at Freeport remains unchanged despite the recent announcement. Mari Elka Pangestu, the presidential economic advisor and a former World Bank managing director, is also on the team. The same goes for Harold Tjiptadjaja who has had more than two decades of experience in investments. 

Cipung is the president commissioner of IDST, a joint venture between Qatari arms maker Barzan Holdings and the Defense Ministry. His CV includes helming the CN-235 aircraft development.

DSI has named Sinthya Roesly, the ex-chief financial officer of state utility firm PLN, as its finance director.

Seasoned banker Nur Hidayat Udin, who also possesses some years of mining sector experience, is DSI’s director for risk management.

Senior corporate lawyer Ivan Ferdiansyah Baely will also lead the enterprise’s legal affairs.

Indonesia has formed DSI to oversee its export centralization plan, a move that President Prabowo Subianto believes can get rid of systemic price abuses.

DSI currently oversees exports of coal, palm oil, and ferroalloys. It is currently limited to cross-checking the transactions. Since June 1, it has monitored over $14 billion worth of exports across more than 50 loading ports. These shipments have gone to at least 100 countries.

“The intention is not to add more bureaucracy, but to utilize data that’s already existing [for] analytics,” Mahony told reporters in Jakarta.

The agency is expected to gradually assume the role of a sole intermediary for in-scope commodities. Mahony promised that the move would not affect buyer-seller relationships as well as the flow of commodities and financing.

“From there, we will evaluate the effectiveness of that to identify transfer pricing and under-invoicing,” Mahony said.

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