A subsidiary of Wilmar International has lodged an appeal with the Chinese courts after it was found guilty of contract fraud and ordered to bear losses of 1.88 billion yuan ($345 million).
Yihai (Guangzhou) Oils & Grains Industries Co (Guangzhou Yihai) submitted a written appeal to the Anhui Provincial Higher People’s Court, Shenzhen-listed Yihai Kerry Arawana (YKA) said on Nov 28. Guangzhou Yihai is a subsidiary of YKA, which is 89.99% owned by Wilmar.
Guangzhou Yihai was sued by the public prosecutor in Jan 2024 as an “accomplice” in contract fraud relating to palm oil trades between state owned enterprise Anhui Huawen and a privately owned counterparty, Yunnan Huijia Import & Export. The alleged fraud led to a 5.2 billion yuan loss for Anhui Huawen.
Shares in Wilmar International closed flat at $3.24 on Nov 28.
