Shares of Wilmar drop in S’pore after Indonesian court overturns its corruption acquittal

Singapore-based global palm oil company Wilmar International has been found guilty of corruption after Indonesia’s Supreme Court overturned its previous acquittal in a graft case involving cooking oil export permits during the shortage crisis in 2021 and 2022.

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Founded by Singaporean tycoon Kuok Khoon Hong, the Singapore-listed company said in a bourse filing on Sept 25 that Indonesia’s Supreme Court overturned the previous acquittals of the group and two Indonesian palm oil companies - Permata Hijau and Musim Mas.

The news sent Wilmar’s share price tumbling on Sept 26. The stock slumped as much as 3.8 per cent to the lowest since February 2016 on an intraday basis, before closing down 1.4 per cent at $2.85.

The companies were accused of illegally profiting from the evasion of state-imposed export controls on cooking oil and palm oil.