Wilmar International Risk Management Committee Changes: Guo Kongfeng Exits, Yang Rongwen Joins | Lianhe Zaobao
Wilmar International announced that Chairman Guo Kongfeng has resigned from the Risk Management Committee and the Sustainability Committee, former Foreign Minister Yang Rongwen has joined the Risk Management Committee, and Su Jinde has joined the Sustainability Committee. This move aims to strengthen corporate governance and ensure that the Risk Management Committee is composed of independent directors. Wilmar International is facing legal issues in Indonesia and China, with its subsidiary Guangzhou Yihai being convicted of fraud
Starting today, Guo Kongfeng, Chairman of the Board of Wilmar International, will no longer serve as a member of the Group's Risk Management Committee and Sustainability Committee.
Wilmar International, which is embroiled in lawsuits in both Indonesia and China, announced the news on the Singapore Exchange website before the market opened on Monday (December 1).
The Group stated that to adhere to good corporate governance principles, the Risk Management Committee should be composed entirely of independent directors to strengthen the board's objective oversight of risk matters.
The company also announced that former Foreign Minister Yang Rongwen will join the Risk Management Committee; Soh Gim Teik will join the Sustainability Committee. Both are non-executive independent directors of Wilmar International.
Wilmar International's Chinese affiliate, Guangzhou Yihai, was found guilty of fraud. The Group's Chairman and CEO, Guo Kongfeng, previously responded to the case by saying, "If I really did such a thing, I wouldn't even need to wait for the Chinese judicial authorities to punish me; Uncle Guo Hegnian would kick me out of the house."
Further Reading
Due to a huge compensation ruling, Wilmar International reported a net loss of 450 million in the third quarter After being fined 900 million by an Indonesian court, Wilmar International will incur losses in the third quarter
Guangzhou Yihai is a subsidiary of Wilmar International's Yihai Kerry, in which Wilmar International holds a 89.99% stake.
On November 19, Guangzhou Yihai received a criminal judgment from the Intermediate People's Court of Huaibei City, China, ruling that it assisted Yunnan Huijia in contract fraud in a palm oil transaction between the state-owned Anhui Huawen International Trade Company and Yunnan Huijia, resulting in an economic loss of 1.881 billion RMB (approximately 345 million SGD) for Anhui Huawen According to the first-instance judgment of the court, Guangzhou Yihai was fined 1 million RMB and ordered to jointly bear the loss of 1.881 billion RMB. Wilmar and Golden Dragon Fish both do not accept the judgment, and Guangzhou Yihai has filed an appeal in court.
As of 11:20 AM on Monday, Wilmar's stock price was reported at 3.25 RMB, up 0.31%
