Russian Government to Seize Wilmar International's Stake in Indirect Unit Amid Corruption Allegations

MT Newswires

05/08

A Russian court ordered the seizure of Wilmar International's (SGX:F34) 24% interest in indirect subsidiary, JSC Etalon, according to a Friday filing with the Singapore Exchange.

The seizure is part of the state order to seize Rusagro, following alleged anti-corruption law violations prior to 2023.

The seizure order was made on the basis that Production and Commercial Firm Profit, which holds the 24% stake, is beneficially owned or controlled by Rusagro.

However, the company maintains that Profit is 100% owned by Cyprus-based Sethal Holdings, which is the company's 51.8% owned associate company.

Wilmar's investment in Profit is around $301.9 million as carrying value.

Meanwhile, the company will file an appeal with the Russian court against the seizure of Profit's 24% stake in Etalon.

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