Willar International, Singapore-Giant Agrifood, which is based, transferred 11.9 trillion in Indonesian Rupee ($ 729 million) to Indonesia as a “security deposit” related to charges of violations for palm oil export permit. Wilmara’s shares were 3% on the news, reaching the lowest point in ten years.
Last year, Wilmar brought $ 67.4 billion, which increased by 0.3% compared to last year. The Agrifood Giant has earned $ 1.2 billion in annual profit, which means that $ 729 million is approximately $ 60% of the Wilmar in 2024.
Indonesian prosecutors accuse Wilmore of bribing officials of receiving permits in 2022 during a shortage of national cooking. While the Indonesian court cleaned Wilmara and two other companies in March, three judges behind the ruling were a ruling arrested On the vaccination of the fee in a month.
Indonesian Prosecutor General claims that corruption associated with these exports were worth 12.3 trillion ($ 755 million).
On Tuesday Wilmar state What “all the actions performed (Wilmar) during this period regarding the export of culinary oil were done in accordance with the existing rules.” Wilmar will return its “deposit” if the Supreme Court of Indonesia upholds the justifiable sentence, but deprive it of money if it loses the case.
“Wilmar paid for the losses they caused,” said a senior official from Indonesia back to Press -conference on Tuesday.
Indonesia accounts for about 60% of world supplies of palm oil. Raw palm oil is the main ingredient in the food and household goods. In response to a cooking deficit in the late 2021 and early 2022, Indonesia imposed strict export restrictions on palm oil, inclusive A three -week export ban to retain local deliveries and strengthen prices.
Wilmar is one of the largest owners of the oil palm plant with a total area of over 230,000 hectares. This is one of the largest companies of the region that occupies number 4 Fortune ‘s South -East Asia 500; This is also one of the few companies in the region to go out on Global 500, Fortune ‘The rating of the world’s largest income companies.
Two -thirds of the Wilmara oil plantations in Indonesia are in Indonesia. In addition to palm oil and culinary oil, Wilmar also produces other foods such as rice, noodles and margarine for world markets.
