Palm Titan Wilmar Dives Most in Six Years on Indonesia Probe (1)

Wilmar International Ltd. fell the most in almost six years after the Indonesian government named the palm oil titan as one of the companies being probed for suspected export abuses.

Shares traded in Singapore slid as much as 11% on Thursday, the biggest intraday drop since 2020, before paring losses to trade at S$3.38 a piece by 12:36 p.m. local time.

Wilmar, the world’s biggest palm oil refiner with plantations in Indonesia, and Musim Mas Group, are among 10 palm producers being investigated for suspected under-invoicing and transfer pricing of exports, Finance Minister Purbaya Yudhi Sadewa told reporters ...