French Casino Group and its subsidiary Grupo Pão de Açúcar (GPA), Brazil’s second-largest retailer, are facing a significant legal risk due to allegations of non-compliance with French law. Research by Envol Vert, Réporter Brasil, and Chain Reaction Research (CRR) shows that GPA purchased beef sourced from farms involved in illegal deforestation and encroachment on indigenous communities leading to a potential lawsuit from Mighty Earth and other NGOs. Some of the meat sold in GPA stores came from four farms that saw approximately 4,500 hectares of forest cleared for cattle ranching. Under government scrutiny and pressure from civil society, Casino, GPA, and its financers may face escalating financial impacts through financing and reputation risk. These are valued at USD 2.5 billion and could lead to financers’ engagement.
Please join CRR for our webinar that will include guests from Envol Vert and Mighty Earth to discuss Casino’s ties to deforestation, the legal ramifications, and the financial risks the company faces.
Date: October 29th, 2020
Time: 10 AM EDT United States / 3 PM CEST Amsterdam
Hosts: Mighty Earth, Envol Vert, and Chain Reaction Research