Golden Agri is facing fresh allegations of illegal forest clearing after foreign auditors suggested misrepresentation in the findings of an independent investigation. This could potentially cause a near-term overhang on its share price. However, we do not see impact on its near-term earnings in view of existing tight global palm oil supply. Maintain Trading Buy with target price of S$0.62.
Indonesia's biggest palm oil producer Friday
rejected fresh allegations of illegal forest clearing after foreign
auditors suggested it had misrepresented the findings of an independent
investigation.
SMART
president Daud Dharsono (right), is pictured with Peter Heng, managing
director of communications and sustainability Golden Agri-Resources
(SMART's parent company), at a press conference in Jakarta on August
10. The palm oil producer has rejected fresh allegations of illegal
forest clearing after foreign auditors suggested it had misrepresented
the findings of an independent investigation.
Sinar Mas
Agro Resources and Technology (SMART), part of the Sinar Mas group, has
been struggling to repair its image after a Greenpeace name-and-shame
campaign led several foreign buyers to cancel major contracts.
Its
credibility took another blow Thursday when British auditors the BSI
Group complained that elements of an independent probe which SMART
commissioned to verify the legality of its activities had been
misrepresented to the public.
SMART had trumpeted the auditors'
report as evidence that Greenpeace's allegations were false, but BSI
said the probe's "key findings" included that the company had violated
Indonesian law on forest management.
It also found that the
company had launched operations on almost 38,000 hectares (94,000
acres) of land on Borneo before mandatory environmental studies had
been completed.
The company was also found to have planted palm
oil crops in high-value deep peatland, but not to the extent claimed by
Greenpeace.
you can read the rest @ http://www.bangkokpost.com/news/asia/192127/indonesia-palm-oil-giant-defends-record
The Board of Directors of Golden Agri-Resources Ltd ("GAR") wishes to inform that PT Sinar Mas Agro Resources and Technology Tbk ("SMART") has published a press release titled "SMART stands firm in its belief that the independent verification exercise clearly demonstrates that the claims made by Greenpeace were exaggerated or wrong." Attached is the press release of SMART. SMART is listed on the Indonesia Stock Exchange, and is a subsidiary of GAR. BY ORDER OF THE BOARD Rafael Buhay Concepcion, Jr. Director 20 August 2010
guys, will this clarification statement cause golden agri to plunge down??
alantheox ( Date: 19-Aug-2010 18:35) Posted:
It’s being reported that GoldenAgr has made inaccurate or misleading announcements
to SGX.
These relate to presentation of the findings of a verification exercise,
claiming it proved that they 'operate responsibly and with the laws' and that
Greenpeace allegations were wrong.
The original verification team (BSI and CuC) have just published a clarification statement saying that "there have been elements
of the report that have been misreported".
A letter has been sent to SGX outlining clarifying the audit’s findings that
GoldAgr and its subsidiaries have broken Indonesian law, in contrast with GoldAgr
statements.
It’s being reported that GoldenAgr has made inaccurate or misleading announcements
to SGX.
These relate to presentation of the findings of a verification exercise,
claiming it proved that they 'operate responsibly and with the laws' and that
Greenpeace allegations were wrong.
The original verification team (BSI and CuC) have just published a clarification statement saying that "there have been elements
of the report that have been misreported".
A letter has been sent to SGX outlining clarifying the audit’s findings that
GoldAgr and its subsidiaries have broken Indonesian law, in contrast with GoldAgr
statements.
Ha ha, AK fond of ds burger since long time ago. Remember 5 for 1 bonus, div etc. But lately clear half holding, for Carlsberg, owing to Greenpeace issue. Moreover, CO dropped below 80, still weak.
SINGAPORE - Singapore's second-largest listed palm oil plantation firmGolden Agri-Resources said on Tuesday it was looking at investing in a firm that will control 220,000 hectares of land in Liberia.
The company, which is part of Indonesia's Sinar Mas Group, said it was planning to invest in private equity fund Verdant that is the sole shareholder of a Liberia-based firm in the process of being granted a government concession to develop 220,000 hectares for 20 years.
Golden Agri did not give financial details of the possible transaction for the land, which is three times the size of Singapore, but said the initial development will commence with 15,000 hectares.
The move comes after Indonesia announced plans to impose a two-year moratorium on new permits to clear forest for oil palm cultivation from 2011. -- REUTERS
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