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Economy

Investors grapple with Indonesian rice scandal

Tiga Pilar denies fraud accusations after police raid warehouse

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Indonesia's National Police Chief Tito Karnavian, second from left, and Indonesia's Agriculture Minister Amran Sulaiman, second from right, hold bags of rice after the police raided rice warehouse of PT Indo Beras Unggul in Bekasi, West Java province, Indonesia on July 20.   © Reuters

JAKARTA -- Investors are scrambling to deal with a controversy over Indonesian food producer Tiga Pilar Sejahtera Food after police and government officials confiscated more than 1,000 tons of rice from its warehouse outside Jakarta, accusing the company of inflating prices by falsely labeling inexpensive rice as premium brands.

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