What does 11.9 trillion rupiah in cash look like? For Wilmar, it could spell trouble
Loss of the ‘security deposit’ in relation to an Indonesian probe could account for a 65% drop in FY2025 earnings, according to DBS and RHB estimates
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[SINGAPORE] It was an astounding sight, when Singapore-based global palm oil company Wilmar Group in June laid out 11.9 trillion rupiah (then worth around S$928 million) – stacks of cold hard cash – before the Indonesian authorities.
This was taken to be a “security deposit” as the authorities re-examined the alleged role of five Wilmar subsidiaries in a corruption scandal tied to the country’s 2021 cooking oil shortage crisis.
This sum could now be forfeited, following an unfavourable Supreme Court ruling disclosed by Wilmar in a bourse filing on Thursday (Sep 25).
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