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KUALA LUMPUR, Singapore-listed food processor Wilmar International Ltd — an 18.8%-associate of Bursa Malaysia-listed PPB Group Bhd — announced that the Indonesian Supreme Court has overturned its acquittal, along with those of two other palm oil giants, in a graft case tied to cooking oil export permits in 2021. In June, Wilmar deposited 11.88 trillion rupiah (about US$729 million or RM3.1 billion at the time) with the Indonesian Attorney General’s Office (AGO) as a “security deposit” while awaiting the court’s ruling on alleged misconduct between July and December 2021, during a nationwide cooking oil shortage. The deposit would have been returned if the earlier Central Jakarta Court decision was upheld but could now be forfeited partly or fully following the Supreme Court’s reversal. In a statement on Thursday, Wilmar confirmed that the Supreme Court ruled against the acquittals of Wilmar Group, Permata Hijau Group and Musim Mas Group after an appeal by the AGO. The appeal involved five of Wilmar’s subsidiaries — PT Multimas Nabati Asahan, PT Multi Nabati Sulawesi, PT Sinar Alam Permai, PT Wilmar Bioenergi Indonesia and PT Wilmar Nabati Indonesia — accused of causing state losses, making unlawful profits, and harming the business sector. According to the AGO, the alleged actions caused losses amounting to 12.3 trillion rupiah (around US$755 million). Wilmar said the full judgment, including the reasoning and any final award amount, has yet to be released. “While Wilmar respects the decision of the Indonesian Supreme Court, it maintains that the actions taken by the Wilmar Respondents during the cooking oil shortage were in compliance with prevailing regulations and made in good faith. A further announcement will follow once the formal judgment is issued,” the group said. The case comes after Wilmar in July denied separate allegations of selling adulterated rice. Earlier this month, PPB managing director Lim Soon Huat cautioned that, in a worst-case scenario, Wilmar could face up to RM600 million in financial impact if it loses its appeal, which could translate to about 45 sen per PPB share. However, he expressed optimism that the ruling would be more favourable and noted that no financial provisions have been made at this stage. Despite the uncertainty, Lim assured that PPB’s dividend policy remains unaffected. Wilmar continues to be PPB’s main profit contributor, accounting for RM992 million or 72.5% of its FY2024 profit before tax of RM1.33 billion.

JOHOR BAHRU, Johor has reached a historic milestone as global tech giant NVIDIA, in partnership with YTL Corporation, named the state one of only five NVIDIA Cloud Partners worldwide. Menteri Besar Datuk Onn Hafiz Ghazi described the appointment as a major vote of confidence in Johor’s digital ecosystem and its potential to drive digital transformation across ASEAN. “The Johor-Singapore Special Economic Zone (JS-SEZ), leveraging the strengths of both Johor and Singapore, positions the state as a strategic gateway for regional digital and AI development. “The RM20.6 billion YTL Power-NVIDIA project, announced last December in Kulai, lays the foundation for Malaysia’s most advanced AI infrastructure,” he said in a Facebook post. He added that the initiative will develop the country’s first Large Language Model (LLM), generate thousands of high-tech jobs, and establish Johor as an ASEAN AI Centre of Excellence, demonstrating the state’s capacity to lead regional technological innovation with a clear and sustainable strategy. “The partnership will be further strengthened through multilingual AI model development, joint testbeds within JS-SEZ, and AI talent pipelines to support regional digital growth. This initiative is set to position Johor as a leading ASEAN hub for AI and digital innovation,” he said.

SUNGAI BESAR, Malaysia is on track to host Southeast Asia’s first rocket launch pad by 2029, with three shortlisted sites located in Pahang, Sarawak, and Sabah. Malaysian Space Agency (MYSA) Director-General Datuk Azlikamil Napiah said the initiative, part of the National Space Policy 2030, could contribute more than RM10 billion to the nation’s GDP if Malaysia positions itself as a regional hub in the growing space industry. “Three parties have expressed interest so far, with one submitting a full feasibility study last week. The report will be reviewed within 90 days. Any foreign investors must partner with local firms and secure land approval from the respective state governments,” he said after officiating the handover of upgrading works at Surau Parit 5 Timur (Tengah), Jalan Baru, today. He highlighted Malaysia’s strategic advantage of being located near the Equator, which allows more fuel-efficient rocket launches. Beyond the launch pad, the project also envisions building a domestic earth observation satellite, a space city, and offering launch services. Developed as a public-private partnership, costs will be shared between the government and private investors, with construction expected to begin in early 2029 once approvals are finalised. “Besides drawing investments, the project will also create significant economic benefits for local communities through infrastructure development, energy projects and new job opportunities,” he said. Earlier, Azlikamil handed over five upgraded surau under the MADANI Adopted Village programme, involving a total allocation of RM315,000. The surau projects, completed between June 9 and Aug 8, include Surau Ehsaniah (Parit 2 Timur), Surau Tuan Guru Haji Bahaudin (Parit 3 Timur), Surau Haji Mohamad (Parit 3 1/2 Timur), Surau Nur Al-Iman (Parit 4 Timur), and Surau Parit 5 Timur (Tengah).