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What does 11.9 trillion rupiah in cash look like? For Wilmar, it could spell trouble

What does 11.9 trillion rupiah in cash look like? For Wilmar, it could spell trouble

By Swedan Margen

Fashion

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

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) – in cash, no less – before Indonesian authorities.

This was taken to be a “security deposit” as Indonesian 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).

Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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