Wilmar China unit found guilty of contractual fraud
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Wilmar International's subsidiary, Yihai Kerry Arawana Holdings, reported that its unit, Guangzhou Yihai, was found guilty of contractual fraud by a Chinese court. The company was fined $183,912.50 and ordered to cover $345.7m in losses. A former manager received a 19-year sentence. Guangzhou Yihai disputes the judgment and plans to appeal, with the fine pending appeal outcome. The financial impact on Wilmar Group is uncertain.
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Source: Singapore Business Review The copyright of this article belongs to the original author/organization.
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