Wilmar affirms zero tolerance for corruption after Chinese unit denies involvement in oil fraud

Yihai Kerry’s subsidiary has denied involvement in fraud causing $976.8m state enterprise loss.

SGX-listed Wilmar International has reiterated that it has “zero tolerance for corrupt practices and does not condone any corrupt acts by any of its employees or office holders.”

The company issued the statement after its listed Chinese subsidiary, Yihai Kerry Arawana Holdings, denied the involvement of its unit, Yihai Kerry (Guangzhou) Oils & Grains Industries, in an oil palm fraud which resulted in a $976.8m loss (5.2b yuan) for a state-owned enterprise.

According to a Reuters report, the prosecution accused Yihai Kerry (Guangzhou) Oils & Grains Industries of “using fake documents to secure palm oil deliveries without paying the full amount.”

Wilmar International said Yihai Kerry Arawana Holdings “disagrees with the facts and changes in the indictment and will actively defend its right to protect the legal interest of the company and all shareholders.”

Follow the link for more news on

Wilmar International Limited

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia