US EditionIndonesia Seizes US$725 Million From Wilmar Group in Palm Oil Graft Case
- On June 17, Indonesian authorities confiscated a total of 11.8 trillion rupiah from Wilmar Group amid investigations into corrupt practices involving palm oil export permits.
- The seizure comes amid investigations into allegations that Wilmar, along with a pair of other palm oil producers, bribed officials in 2022 to secure export permits during a period of national cooking oil scarcity.
- Wilmar, one of the largest palm oil producers with two-thirds of plantations in Indonesia, has maintained compliance with regulations and denies any corrupt intent.
- A senior official from the Attorney General's Office stated at a press conference that Wilmar had compensated for the financial damages incurred by the state, while Wilmar confirmed it provided the funds as a security deposit.
- The case is under Indonesian Supreme Court review, where Wilmar may reclaim the funds if acquitted, but will forfeit them if found guilty, while associated judges and employees were arrested in April.
11 Articles
11 Articles
Agrifood giant Wilmar hands over almost 2/3 of its annual profit to Indonesia as ‘security deposit’ for palm oil corruption case
Wilmar International, the Singapore-based agrifood giant, has handed over 11.9 trillion Indonesian rupiah ($729 million) to Indonesia as a “security deposit,” related to misconduct allegations over palm oil export permits. Wilmar’s shares dropped by 3% on the news, reaching their lowest point in a decade. Wilmar generated $67.4 billion in revenue last year, a 0.3% increase year-on-year. The agrifood giant earned $1.2 billion in annual profit, me…
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,
The Attorney General's Office confiscated Rp 11 trillion from the Wilmar Group in connection with the CPO corruption case.
Wilmar hands over $729M as 'security deposit' over Indonesia palm oil corruption case
Wilmar International, the Singapore-based agrifood giant, has handed over 11.9 trillion Indonesian rupiah ($729 million) to Indonesia as a “security deposit,” related to misconduct allegations over palm oil export permits. Wilmar’s shares dropped by 3% on the news, reaching their lowest point in a decade. Wilmar generated $67.4 billion in revenue last year, a 0.3% increase year-on-year. The agrifood giant earned $1.2 billion in annual profit, m…
The palm oil industry's contribution as the country's largest foreign exchange earner is now facing challenges of overlapping regulations and legal uncertainty. The contribution...
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