Agrifood giant Wilmar hands over almost two-thirds of its annual profit to Indonesia as ‘security deposit’ for palm oil corruption case

(Credit: Yasuyoshi Chiba—AFP/Getty Images)

Wilmar International, the Singapore-based agrifood giant, has handed over 11.9 trillion Indonesian rupiah ($729 million) to Indonesia as a “security deposit,” related to misconduct allegations over palm oil export permits. Wilmar’s shares dropped by 3% on the news, reaching their lowest point in a decade.

Wilmar generated $67.4 billion in revenue last year, a 0.3% increase year on year. The agrifood giant earned $1.2 billion in annual profit, meaning its $729 million “security deposit” is equal to about 60% of Wilmar’s entire 2024 net income.