Wilmar International (SGX:F34) said Indonesia's Supreme Court has overturned earlier acquittals of its five subsidiaries in a case over alleged losses to the state during the 2021 cooking-oil shortage, according to a Thursday filing with the Singaporean bourse.

Shares of the company were down over 1% in Friday trading.

The Attorney General's Office had appealed the verdict, seeking damages of about 12.3 trillion rupiah.

Wilmar confirmed the company had earlier placed a security deposit of 11.9 trillion rupiah but maintains its units acted in compliance with regulations and in good faith.

The final award amount will be released once the court issues its formal judgment.