Latest news with #cookingOil
Free Malaysia Today
26-06-2025
- Business
- Free Malaysia Today
Subsidised cooking oil sold as prayer oil with 228% markup, claims group
The Penang Hindu Association said some unscrupulous suppliers are rebranding subsidised cooking oil as prayer oil and selling it for hefty profits. PETALING JAYA : The Penang Hindu Association (PHA) has raised concerns over the misuse of subsidised cooking oil by suppliers who repackage and resell it as prayer oil at inflated prices. In a statement, the group said subsidised cooking oil, which retails at RM2.50 per litre, was being repurposed and sold as prayer oil at RM8.20 per litre or more – a profit margin of over 228%. 'These subsidies have been misused by some unscrupulous suppliers who profit from rebranding the cooking oil as prayer oil and selling it for hefty profits,' said PHA. The association said the issue was not new, as domestic trade and cost of living ministry officers had caught traders engaged in similar practices before. In January, for instance, a Johor man was caught by the ministry's officers repacking 5,100 bottles of subsidised cooking oil as prayer oil. PHA urged the ministry to intensify its monitoring efforts and conduct thorough inspections of the sourcing and pricing of prayer oil sold at temples and retail outlets. It also called for the full implementation of the cooking oil price stabilisation scheme system (eCOSS) to help track subsidised cooking oil from refineries to retailers. 'We also urge the ministry to instruct prayer oil traders to clearly state on the labels the source and retail price of the prayer oil,' said PHA. Domestic trade and cost of living minister Armizan Mohd Ali previously told FMT that eCOSS had been introduced in 2023 to track the supply chain of subsidised cooking oil. Since last year, repackers and refineries have been required to submit subsidy claims based on eCOSS records. However, the system only tracks distribution from refineries to repackers, wholesalers and retailers, leaving a gap at the retail level, he said. Such limitations increase the risk of leakage, including smuggling and the fraudulent repackaging of subsidised cooking oil for resale at higher prices. The government spent RM1.945 billion in 2024 to provide 60,000 tonnes of subsidised oil packets monthly at RM2.50 per kg under eCOSS. However, the scheme drew criticism after enforcement operations revealed that foreigners were among those benefitting from the subsidised cooking oil. This led to renewed calls for the replacement of the subsidy with a cash transfer system based on verified household consumption to ensure that only deserving Malaysians receive the aid.
Yahoo
18-06-2025
- Business
- Yahoo
Agrifood giant Wilmar hands over almost two-thirds of its annual profit to Indonesia as ‘security deposit' for palm oil corruption case
Wilmar International, the Singapore-based agrifood giant, has handed over 11.9 trillion Indonesian rupiah ($729 million) to Indonesia as a 'security deposit,' related to misconduct allegations over palm oil export permits. Wilmar's shares dropped by 3% on the news, reaching their lowest point in a decade. Wilmar generated $67.4 billion in revenue last year, a 0.3% increase year-on-year. The agrifood giant earned $1.2 billion in annual profit, meaning its $729 million 'security deposit' is equal to about 60% of Wilmar's entire 2024 net income. Indonesian prosecutors accuse Wilmar of bribing officials to obtain the permits in 2022, during a national cooking oil shortage. While an Indonesian court cleared Wilmar and two other companies in March, the three judges behind the ruling were arrested on graft charges a month later. Indonesia's Attorney General's Office claims that corruption tied to these export permits cost the state 12.3 trillion rupiah ($755 million). On Tuesday, Wilmar claimed that 'all acts carried out by [Wilmar] during this period in relation to the export of cooking oil was done in compliance with prevailing regulations.' Wilmar will get its 'security deposit' back if Indonesia's Supreme Court upholds the acquittal–but will forfeit the money if it loses the case. 'Wilmar paid for the state losses they caused,' a senior official from Indonesia's AGO said at a Tuesday press conference. Indonesia accounts for about 60% of global palm oil supply. Crude palm oil is a major ingredient in food products and household goods. In response to a cooking oil shortage in late 2021 and early 2022, Indonesia imposed strict export restrictions on palm oil, including a three-week-long export ban, in order to preserve local supply and rein in rising prices. Wilmar is one of the world's largest owners of oil palm plantations, with a total planted area of over 230,000 hectares. It's one of the region's largest companies, ranked No. 4 on Fortune's Southeast Asia 500; it's also one of the few companies in the region to make it onto the Global 500, Fortune's ranking of the world's largest companies by revenue. Two-thirds of Wilmar's oil palm plantations are in Indonesia. Besides palm oil and cooking oil, Wilmar also produces other food products like rice, noodles and margarine for global markets. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-06-2025
- Business
- Yahoo
Wilmar International submits security deposit of 11.9 tril rupiah for corruption charges against Indonesian subsidiaries
In April, the Indonesian authorities brought charges against five of Wilmar's subsidiaries for the alleged harming of state finances, unauthorized profits and harming of the business sector. Wilmar International and its subsidiaries have placed a security deposit of 11.9 trillion rupiah ($930 million) for 'corrupt actions' carried out in 2021 during a shortage of cooking oil in the Indonesian market. In April, the Indonesian Attorney General's Office (AGO) brought charges against five of Wilmar's subsidiaries, Multimas Nabati Asahan, Multi Nabati Sulawesi, Sinar Alam Permai, Wilmar Bioenergi Indonesia and Wilmar Nabati Indonesia, for the harming of state finances, unauthorised profits and harming the business sector. The alleged actions took place during July 2021 and December 2021. Later, the AGO submitted an appeal against the decision of the Central Jakarta Court to the Indonesian Supreme Court, requesting that the subsidiaries demonstrate their belief in the Indonesian judicial system and their good faith and innocence by placing a security deposit. The security deposit will be returned to the subsidiaries of Wilmar if the Indonesian Supreme Court upholds the decision of the Central Jakarta Court, but may be forfeited in full or in part if the court finds against the subsidiaries. The subsidiaries have maintained that all actions taken by them were done in good faith and free from any corrupt intent. Shares in Wilmar International F34 closed 1 cent lower or 0.331% down at $3.01 on June 17. See Also: Click here to stay updated with the Latest Business & Investment News in Singapore Food Empire joins Fortune Southeast Asia 500 list; DBS, Wilmar and Olam among top 10 Analysts wary of Wilmar's outlook amid tariff impact Brokers' Digest: ISDN, Wilmar, ISOTeam, CapitaLand Ascendas REIT, UOB, SIA, Venture, Singtel Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click hereError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
10-06-2025
- Automotive
- CBS News
About 700 gallons of cooking oil headed to Better Made factory in Detroit ends up spilling to ground
About 700 gallons of cooking oil spilled onto the ground during an accident involving a tanker truck in Detroit. The accident happened at about 10 a.m. Tuesday, during a cooking oil delivery to the Better Made Snack Foods factory at 10148 Gratiot Avenue, the Detroit Fire Department reported. The company is known for its chips and snacks. Detroit Fire Department's Engine 46 took the initial call to the location on Gratiot Avenue near the factory, with firefighters remaining on scene about 2:30 p.m. The Fire Marshal Division was also notified. None of the cooking oil went into the sewer, the fire department said. The trucking company is handling cleanup and remediation. The remaining oil in the tanker was to be offloaded to another tanker.
Yahoo
01-06-2025
- Business
- Yahoo
Turning used cooking oil into soap in a country where deep-fried foods rule
Few 27-year-olds look at used cooking oil and see a green business opportunity to produce soap or dog food. But that is what Hugo Daniel Chávez, a project manager for the NGO Sustenta Honduras, has done. "We have so many businesses and domestic practices that create waste, so we are trying to transform waste and give it a second life," he tells the BBC. Across Latin America, several million tonnes of cooking oil are consumed every year. It is often used to fry food, mostly chicken, plantain strips, chips and pork. But reusing and heating it too often - as is often the case in Honduras, where there is a huge black market for used cooking oil - can create compounds which are bad for consumers' health. Improperly discarded, it can also have a massive detrimental impact on the environment. If it is drained down the sink, it can damage pipes and contaminate groundwater, and when it is tossed by the side of the road, it can contaminate freshwater and crops many communities rely on. Faced with these health and environmental hazards, the young green entrepreneurs behind Sustenta tried to come up with a solution which would not only give businesses an incentive to dispose of their oil and grease properly, but also turn these waste products into something useful. The NGO's executive director, Ricardo Pineda, explains that their idea originated from earlier efforts by different companies and organisations to transform used cooking oil into biodiesel. "But in Honduras, we don't have a market for biodiesel," he says. "So we decided to produce products that can do well in our domestic markets [such as soap and dog food]." In order to make it more attractive to people to get rid of the oil legally rather than sell it to unscrupulous buyers, Sustenta offers to buy the used cooking oil and pick it up regularly from the shops that participate in their project. Their efforts have gained international recognition, most notably when they were awarded a $20,000-prize as one of the winners of the 2023 Youth4Climate Energy Challenge, a global initiative co-led by the Italian government and the United Nations Development Programme. Sustenta also receives funding from the embassy of the The Netherlands in the region, which told the BBC that it chose Sustenta because "their project offered an innovative and viable solution, using an enterprising approach which has a social impact". "It [their project] not only contributes to lessening the environmental impact through an emphasis on creating a circular economy, but also empowers young people and women - the groups most affected by climate change - and generates green jobs." Sustenta offers between 2.50 and 3.50 Lempiras (£0.08 and £0.11) per pound of used cooking oil. And it is not just small businesses it deals with. In May of 2024, the NGO signed a contract with the Mexican and Central American division of the retail giant Walmart. This contract guarantees a flow of used cooking oil and grease from all companies related to Walmart to Sustenta, which Mr Pineda says is critical to Sustenta's project. "We needed a reliable flow to scale up production. (...) Otherwise, we could quickly run out of used cooking oil, because of the black market that is competing with us," adds Mr Chávez. It then brings the cooking oil and grease to a plant in Comayagua, where they are purified and processed in a reaction known as saponification. This process combines fats or oils with an alkali to produce soap. Mr Pineda says that Sustenta is keen to develop "a circular ecological system in which we reuse everything". "Next to our plant that produces the soap and dog food, someone else has a water purification plant and we use the water that plant cannot purify, its waste so to say, for our water cooling system," he explains. The idea of teaming up with Walmart, Mr Pineda says, is "to sell the dog food and soap we have refined from their waste at Walmart". "They could profit from their own waste and also see the economic value behind circular economies, " he tells the BBC. At 15 lempiras (£0.45) per bar of soap, the project makes a monthly revenue of over 106,000 Lempiras (£3,194.70), which excludes fixed costs like salaries, commission and distribution. Mr Pineda emphasises that "the money doesn't stay with us". "We just help with the implementation of the project and as soon as it's up and running we seek new opportunities," he says. The recycling of cooking oil is just one several projects running simultaneously at Sustenta. The organisation is comprised of young people, all under 30 and averaging 23 years of age, and their youthful enthusiasm and impatience with established ways of doing things has been key to their approach. "We started as a young group that was sick of the regular ways large institutions handle issues with climate change and the environment," Mr Pineda says. "We want to create actual solutions and not sit around only talking about what could be done." Their strategy also differs from that of other young environmental organisations in the region, who often focus on a confrontational approach, trying to halt large mining or energy projects and holding politicians accountable for corruption. But Sustenta's project coordinator, Paola Acevedo, says the two approached are not at odds, but rather complement each other: "This type of [classical] environmentalism is very important and there is no doubt that we need it." "We try to focus on solutions, while the others fight on the front lines," she adds. Cooking oil recycling service gets fuel boost Cooking oil used in takeaways dumped in canal
