Delta Wilmar CIS hangs up investment project in Yuzhny because of extortioners

Delta Wilmar CIS, the company with Singapore investments, suspended the investment plan for the construction of a USD 150 million plant in the port of Yuzhny because of the actions of a charity organisation that extorted money from the company.

This was informed by Dhruba Charan Panda, Chairman Director of Delta Wilmar CIS LLS, during the press-conference in Kiev, reports Interfax-Ukraine.

According to him, after Delta Wilmar CIS voiced its plans for the construction of the plant in the port, the company received a letter from the charity organisation with a proposal to assist for payment in settling the cases with the illegal actions of law enforcement agencies, but left this letter unanswered.

"We were surprised when a month later we learned that this organization appealed to the Prime Minister with a demand to stop the construction of the plant in the port of Yuzhny, which we planned. Then, by sending several letters a month, this organisation began complaining about us to the President, the bodies of the SFS, the Customs Service, and other structures. We had several inspections," said Dhruba Charan Panda.

He added that the charity organisation also sent its complaints to the Customs and Tax Committee of Indonesia, to the US Securities Commission, to the Singapore Stock Exchange, where Delta Wilmar CIS parent company was registered.

On January 5, the company received information from its parent company Wilmar International about a lawsuit filed by the charity organisation in the Jakarta High Court with allegations of contraband and money-laundering.

"This causes concern among our shareholders, and even despite the Memorandum that we signed with the State Administration of Odessa region, we suspend all further actions within our investment program before considering this matter," stressed Dhruba Charan Panda.

Reference: Delta Wilmar Group is a Ukrainian company, a part of the Wilmar International transnational agro-industrial corporation, whose current market cap in the stock markets is about USD 22 billion.

Delta Wilmar Group includes two plants: one for processing of tropic oils and another for processing of oilseeds.