PPB said Guangzhou Yihai was fined one million yuan (RM586,066) after being found guilty of contractual fraud by the Intermediate People’s Court of Huaibei City, China.
PETALING JAYA: PPB Group Bhd
’s 18.8%-owned associate, Wilmar International Ltd, has announced that its indirect 89.99%-owned subsidiary, Yihai Kerry Arawana Holdings Co Ltd, will be appealing a Chinese court ruling involving its subsidiary, Guangzhou Yihai Oils & Grains Industries Co Ltd.
In a filing with Bursa Malaysia, PPB, on behalf of Wilmar, said Guangzhou Yihai was fined one million yuan (RM586,066) after being found guilty of contractual fraud by the Intermediate People’s Court of Huaibei City, China.
