- The fine is provisioned; the reputational question isn’t. Management’s position at the AGM was clear: The Indonesia fine has been paid and reflected in the financials. Now, it’s time to move on. CFO Charles Loo confirmed the payment was embedded in operating cash flows.
In 2025, Wilmar paid US$709 million for a mistake made in 2021.
That’s not a typo.
Indonesia’s Supreme Court found five Wilmar subsidiaries guilty of corruption, specifically, of profiting illegally from cooking oil export permits during a national supply crisis four years ago. The compensation and fines amounted to IDR 11.9 trillion. At the time, that figure was roughly equivalent to 60% of Wilmar’s entire annual net profit. Headlines were brutal and a major broker slapped a ‘sell’ rating with a S$2.50 target price.
At the annual general meeting held last week however, the mood in the auditorium wasn’t one of crisis. It was one of quiet confidence.
Here’s what I took away from the 2026 Wilmar International AGM.
