Guangzhou Yihai was sued by the public prosecutor in Jan 2024 as an “accomplice” in contract fraud relating to palm oil trades between state owned enterprise Anhui Huawen and a privately owned counterparty, Yunnan Huijia Import & Export. The alleged fraud led to a 5.2 billion yuan loss for Anhui Huawen.
A subsidiary of Wilmar International has lodged an appeal with the Chinese courts after it was found guilty of contract fraud and ordered to bear losses of 1.88 billion yuan ($345 million).
Yihai (Guangzhou) Oils & Grains Industries Co (Guangzhou Yihai) submitted a written appeal to the Anhui Provincial Higher People’s Court, Shenzhen-listed Yihai Kerry Arawana (YKA) said on Nov 28. Guangzhou Yihai is a subsidiary of YKA, which is 89.99% owned by Wilmar.
