Wilmar International (F34.SI) saw its stock price plummet by 3.32% in pre-market trading on Wednesday, as investors reacted to news of a major corruption scandal involving the company's operations in Indonesia. The steep decline comes as the Indonesian authorities revealed details of what they described as the largest corruption case in the country's history.

According to reports from Indonesian media, the Attorney General's Office has seized a staggering 11.88 trillion Indonesian rupiah (approximately USD 762 million) from five corporations under the Wilmar Group. The seizure is related to a corruption case involving the export of crude palm oil (CPO). Harli Siregar, Head of the Legal Information Center at the Attorney General's Office, stated that this is "the largest seizure in history" during a press conference in Jakarta.

The corruption case has thrust Wilmar Group into Indonesia's infamous "Corruption League Table," alongside other high-profile cases such as the Pertamina corruption scandal and the PT Timah case. The magnitude of the case and its potential implications for Wilmar's operations in Indonesia, a key market for the agribusiness giant, have clearly spooked investors, leading to the significant drop in the company's stock price. As investigations continue, market participants will be closely watching for any further developments that could impact Wilmar's business prospects and financial performance.

Wilmar Intl tumbles 3.32% at 10:07 am, Jun 18th.