Palm sustainability group imposes expansion ban on Golden Agri unit
Jakarta
A PALM oil industry body has ordered a unit of one of the world's major producers to stop buying or developing new plantations in Indonesia, in a dispute seen as a test case on expansion by agribusiness firms versus local land rights.
The subsidiary of Singapore-listed Golden Agri-Resources Ltd was ordered to stop buying or developing new plantation land by the Roundtable on Sustainable Palm Oil (RSPO) after it was found to have breached rules on land acquisition. Golden Agri-Resources is the parent of Indonesian palm company PT Sinar Mas Agro Resources and Technology, which has plantations spread over 473,000 hectares mostly in Sumatra and Kalimantan on the island of Borneo.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s Sinopec in talks for gas offtake, stake in Canada’s Cedar LNG
Chinese tariffs could leave cognac makers with too much brandy
Citi promotes Damien Tan to corporate banking head for Singapore
Coffee variety is priciest since 1970s in blow to instant brews
South Korea’s probe alleges 211.2 billion won of illegal short trades
RBNZ has limited scope to cut cash rate this year: OECD