Wilmar Drops 2.54% amid Denying Involvement in Indonesia Palm Oil Bribery Probe
It also said it has “zero tolerance for corrupt practices”.
Wilmar Intl has denied any involvement in the ongoing bribery investigation by Indonesian authorities, following the arrest of several judges who acquitted three palm oil companies of corruption charges last month.
“To the best of our knowledge, investigations so far have not involved the Wilmar group or any of its employees, but we will assist in any investigation if we are called upon,” the group said in a statement.
The judges are reportedly being investigated for allegedly accepting bribes in connection with the acquittal of Wilmar Group, Musim Mas Group, and Permata Hijau Group, in a case concerning palm oil export permits issued in 2022.
The company defended its actions during the 2022 export restrictions, stating: “We believe we are not guilty of the charges as our actions during that period to increase the supply of palm oil to the market, despite the additional cost incurred, was intended to help the government improve domestic supplies and reduce prices.”
“We wish to reiterate that the Wilmar group has zero tolerance for corrupt practices,” it added.
Wilmar drops 2.54% at 2:47 pm, Apr 15th.
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