On July 3, 2018, Wilmar International announced the resignation of Martua Sitorus as Non-Independent Non-Executive Director, with effective date of July 15, 2018. Sitorus is the co-founder of Wilmar and was the company’s Chief Operating Officer from July 2006 until June 2013 and Executive Deputy Chairman from July 2013 until March 2017. The SGX announcement …
Wilmar and GAMA Group appear to be connected via familial and business links, argue Greenpeace International in its June 25 report. Greenpeace claims the links between the two companies make Wilmar complicit in ongoing forest clearance on GAMA-owned plantations in West Papua and West Kalimantan, Indonesia. Wilmar was established in 1991 by Kuok Khoon Hong …
In 1985, 57 percent of the Indonesian island of Sumatra, or 25 million hectares (ha), was covered by natural forest. By 2016, that number decreased to 11 million ha, equaling to a 56 percent loss of the island’s forest cover. Tesso Nilo National Park (TNNP), located in the Sumatran province of Riau, has lost 77 …
Download report here: Shadow Companies Present Palm Oil Investor Risks and Undermine NDPE Efforts Since 2013, companies, governments, investors and civil society have taken steps to stop deforestation, fires, peatland development, and mitigate labor and human rights risks in the palm oil sector. These transformative actions include the adoption of No Deforestation, No Peat, No …
Overseas –Chinese Banking Corp (OCBC) stated it would peg Wilmar’s existing USD 200 million revolving credit facility interest rate to sustainability criteria. In designing the step-down facility, the two Singapore-based companies are applying the Association of Banks in Singapore guidelines for responsible investing. Sustainalytics, an independent sustainability ratings firm, will assess Wilmar’s performance during the …
On May 4, 2018, Felda Global Ventures stated publicly that Felda IFFCO had, as of March 12, 2018, sold its 50 percent equity investment in PT Synergy Oil Nusantara (PT SON). Felda IFFCO is the joint venture between Felda Global Ventures and IFFCO, who is based in the United Arab Emirates. Felda Global Ventures has …
In 2017, Chain Reaction Research analysis showed that 74 percent of SE Asia’s palm oil refining capacity was covered by No Deforestation, No Peat, No Exploitation (NDPE) policies. This analysis demonstrated that in Indonesia and Malaysia, refineries with NDPE policies have a combined capacity of 53.2 million MT per year, which equals 74 percent of …
Shareholders and Loan Issuers Include International Financial Institutions with Palm Oil Policies Download Report Here (PDF) A segment of the palm oil industry continues to produce or purchase palm oil from recently deforested plantations and cleared peatlands. Actors in this segment contribute to the ‘leakage’ of unsustainable palm oil into the overall palm oil market. …
Citigroup has canceled its loans to Indofood Agri Resources and its subsidiaries. Citigroup is exiting its overall relationship with Indofood other than specific financial relationships not related to palm oil ingredients. Citigroup will maintain its line of credit to Indofood for short-term trade finance related to non-palm oil commodities. The total size of Citigroup’s financial …
In February Nestlé and Unilever both published a list of all their direct and indirect palm oil suppliers and mills. These two consumer goods companies are major players in the global palm oil industry, and purchase about four percent of palm oil production globally. Most of the larger palm oil traders and refiners, such as …
