4 days ago
Wilmar Tumbles After $729 Million Deposit in Indonesia Palm Case
Asian food titan Wilmar International Ltd. 's shares plunged to their lowest level in more than five years, after the company said several units in Indonesia were pressed to hand over $729 million as a security deposit ahead of a court ruling on a 2022 palm oil export case.
In an exchange filing late Tuesday, Wilmar said its subsidiaries agreed to make the so-called security deposit to the attorney general's office ahead of the AGO's appeal. It added that authorities requested the funds of IDR 11.9 trillion — an amount equivalent to nearly two-thirds of the company's net income last year — to demonstrate the companies' 'good faith and innocence'.
