PPB falls on tax fraud allegations against Wilmar subsidiaries

PPB falls on tax fraud allegations against Wilmar subsidiaries
Written by Surin Murugiah
Wednesday, 19 May 2010 09:47


KUALA LUMPUR: PPB GROUP BHD [] in early trade on Wednesday, May 19 after its related company Singapore-listed Wilmar International's Indonesian subsidiaries were investigated for unlawful tax claims.

At 9.30am, it was down 42 sen to RM17.20 wiith 96,200 shares done.

PPB holds a 18.34% stake in Wilmar.

The Jakarta Post in Indonesia reported that some Indonesian subsidiaries of Wilmar are under probe for alleged unlawful value-added tax-restitution claims made by those subsidiaries in Indonesia.

Analysts said the news were negative as it could be detrimental to the group’s reputation among investors. The group, however, has categorically denied the allegations.


http://www.theedgemalaysia.com/business-news/166326-ppb-falls-after-tax-fraud-allegations-vs-wilmar-intl-.html