Wilmar drops close to 4% on guilty verdict from Indonesia Supreme Court

The company allegedly engaged in bribery to obtain palm oil export permits in 2022

Shares of Wilmar International fell on Friday (Sep 26) after the global palm oil company was found guilty of corruption.

As at 9.03 am, the stock dropped to S$2.78, down 3.8 per cent or S$0.11 from Thursday’s closing price of S$2.89, with 3.3 million shares changing hands.

By 10.57 am, the counter had recovered to S$2.86, still down by 1 per cent or S$0.03, with 12.8 million shares transacted.

On Thursday, the mainboard-listed company said that Indonesia’s Supreme Court overturned its earlier acquittal in a graft case involving palm oil export permits.

The company was alleged to have bribed officials to obtain palm oil export permits in 2022. Then, Indonesia had banned the export of crude palm oil and its derivative products amid a nationwide shortage of palm oil.

It was initially acquitted of the corruption charges by a lower court in March. However, the case was subsequently reopened as the judges behind the acquittal were accused of receiving bribes to clear Wilmar’s name, and arrested.