Latest news with #WilmarGroup
Business Times
18-06-2025
- Business
- Business Times
Wilmar International down 4% after Jakarta's seizure of 11.8 trillion rupiah from Wilmar Group in graft case
[SINGAPORE] The shares of Wilmar International fell on Wednesday (Jun 18) morning after the Indonesian authorities seized 11.8 trillion rupiah (S$928 million) from its parent company Wilmar Group in a palm-oil graft case. As at 9.08 am, the counter was trading at S$2.89, down S$0.12 or around 4 per cent from Tuesday's closing price of S$3.01, with 4.9 million shares having changed hands. This was the lowest level its share price had hit in more than five years. As at the market close, the counter recovered somewhat to finish at S$2.93, still down by S$0.08 or 2.7 per cent, with some 19 million shares having been transacted. This comes as the Indonesian authorities probe Wilmar Group and two other palm-oil companies, which they accuse of paying bribes to obtain export permits between January and April 2022. Wilmar International is the Singapore-listed subsidiary of Wilmar Group. On Tuesday, a spokesperson from the Indonesian Attorney-General's Office said that the seizure was part of its drive to recover state losses stemming from acts of corruption.
Business Times
18-06-2025
- Business
- Business Times
Wilmar International down 4% after Indonesian authorities seize 11.8 trillion rupiah from Wilmar Group in graft case
[SINGAPORE] Shares of Wilmar International fell on Wednesday (Jun 18) morning after Indonesian authorities seized 11.8 trillion rupiah (S$928 million) from its parent company Wilmar Group in a palm-oil graft case. As at 9.08 am, the counter was trading at S$2.89, down S$0.12 or around 4 per cent from Tuesday's closing price of S$3.01, with 4.9 million shares having changed hands. This is the lowest level its share price has hit in more than five years. By 9.54 am, it had slightly recovered to S$2.91, still down by S$0.10 or 3.3 per cent from Tuesday's closing price, with 9.5 million shares having changed hands. This comes as Indonesian authorities probe Wilmar Group and two other palm-oil companies, which they accuse of paying bribes to obtain export permits between January and April of 2022. Wilmar International is the Singapore-listed subsidiary of Wilmar Group. On Tuesday, a spokesperson from the Indonesian Attorney-General's Office said that the seizure was part of its drive to recover state losses stemming from the acts of corruption.
Malay Mail
18-06-2025
- Business
- Malay Mail
Wilmar Group hands over US$725m as court security in Indonesia palm oil export scandal
JAKARTA, June 18 — Food company Wilmar Group said yesterday it had handed over 11.8 trillion rupiah (US$725 million or RM3.1 billion) to Indonesia's Attorney General's Office as a 'security deposit' in relation to a case in court about alleged misconduct in obtaining palm oil export permits. Indonesian prosecutors are appealing a court ruling that had cleared Wilmar and two other palm oil companies of accusation of paying bribes to obtain the permits in 2022. Prosecutors had demanded 11.8 trillion rupiah in fines from Wilmar. Wilmar said the money would be returned if Indonesia's Supreme Court cleared the company of wrongdoing in the ongoing case, but would be forfeited in part or in full if the court found against the company. Wilmar said its actions in the palm oil export permit case were done 'in compliance with prevailing regulations' and 'were free from any corrupt intent'. A senior official at the Attorney General's Office, Sutikno, spoke about the case at a press conference in which authorities were surrounded by stacks of cash amounting to two trillion rupiah. 'Wilmar paid for the state losses they caused,' he said. In April, the Attorney General's Office arrested judges who acquitted the companies of misconduct in obtaining export permits, saying the judges received 60 billion rupiah to reach a verdict in their favour. The Attorney General's Office arrested an employee of Wilmar in connection with the case in April. The company said it was assisting with the investigations. — Reuters .
Business Times
17-06-2025
- Business
- Business Times
Daily Debrief: What Happened Today (Jun 17)
Stories you might have missed Singapore private club 1880 suddenly closes, going into liquidation [SINGAPORE] Private members' club 1880 suddenly announced its permanent closure effective Tuesday (Jun 17), with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. Indonesia seizes 11.8 trillion rupiah from Wilmar Group in palm-oil graft case [JAKARTA] The Indonesian Attorney General's Office (AGO) has seized approximately 11.8 trillion rupiah (S$928 million) from five defendants involved in a corruption case related to crude palm oil (CPO) exports, involving subsidiaries of the Wilmar Group. 'Significantly higher costs': Great Eastern suspends pre-authorisation certificate for admission to Mount Elizabeth hospitals BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up [SINGAPORE] Insurer Great Eastern (GE) has temporarily suspended pre-authorisation certificates for Mount Elizabeth Hospitals from Tuesday (Jun 17). Singapore's key exports chart surprise 3.5% slide in May as front-loading cools [SINGAPORE] Economists believe that front-loading activity may have started slowing down, after Singapore's key exports declined 3.5 per cent on the year in May after April's surge. CAG calls for pre-qualification of main contractors for ground transportation centre in Changi [SINGAPORE] Pre-qualification of main contractors for the ground transportation centre at Changi East development is open, the procurement portal of airport operator Changi Airport Group (CAG) showed. Should we expect Singapore-based companies to list here? [SINGAPORE] Last month, reports emerged that fast-fashion retailer Shein intends to list in Hong Kong after its initial plan to do so in London was scuttled over concerns about its labour rights track record. Family offices look to raise allocations to non-US, developed markets equities: BlackRock survey [SINGAPORE] Family offices are raising their portfolio allocations for non-US developed market equities as tariff tensions and concerns about a US economic slowdown are prompting many to diversify, a BlackRock survey has found.
CNA
17-06-2025
- Business
- CNA
Indonesia seizes US$725 million from Wilmar Group in palm oil graft case
JAKARTA: Indonesia's Attorney General's Office said on Tuesday (Jun 17) it had seized 11.8 trillion rupiah (US$725 million) from food company Wilmar Group that it said was related to corruption in obtaining palm oil export permits. Indonesian authorities are probing Wilmar and two other palm oil companies, which they accuse of paying bribes to obtain export permits in 2022. Prosecutors had demanded 11.8 trillion rupiah in fines from Wilmar. Wilmar and its subsidiaries returned 11.8 trillion rupiah to the Attorney General's Office and authorities seized the money as part of their legal case against the company, said the office's senior official Sutikno. "Wilmar paid for the state losses they caused," he said at a press conference in which authorities were surrounded by stacks of cash amounting to 2 trillion rupiah. Wilmar did not immediately respond to a request for comment. In April, the Attorney General's Office arrested judges who acquitted the companies of misconduct in obtaining export permits, saying the judges received 60 billion rupiah to reach a verdict in their favour.
