Wilmar International, a leading agrifood company, has deposited 11.9 trillion Indonesian rupiah to address misconduct allegations involving bribery for palm oil export permits during a national crisis. This payment represents about 60% of its anticipated net income for 2024 and resulted in a 3% drop in its share price. Although acquitted by an Indonesian court, the allegations continue to loom, leading to further scrutiny of the legal processes involved, particularly after judges were arrested for graft. Wilmar maintains compliance with regulations during the supposed misconduct period.
Wilmar has handed over 11.9 trillion Indonesian rupiah as a security deposit due to misconduct allegations, impacting its share prices and future profitability.
The security deposit equals about 60% of Wilmar's projected net income for 2024, highlighting the financial implications of the allegations.
Despite a previous acquittal, ongoing corruption claims tied to export permits threaten Wilmar’s financial standing and the integrity of Indonesian legal outcomes.
Wilmar asserts compliance with regulations during the period in question, indicating a significant legal and reputational battle against serious allegations.
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