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Barama Company Limited, a foreign-owned timber company operating here, yesterday said that the recent statements by its former investor, Norwegian Pension Fund (NPF), accusing it of illegal logging, are inaccurate. As a matter of fact, BCL said in a short statement yesterday, NPF had been invited to Guyana to visit the Guyana operations, but there was no response.“We are disappointed by the announcement made by the Norwegian Government Pension Fund. Their public characterization of us is inaccurate and not based on complete information. We had invited them to visit our operations for first-hand knowledge of our business and to clarify issues, with no response. The company remains committed to the continual improvement of its sustainable forest management processes and practices within the laws under which it operates. However, it is not our policy to comment on the decision of investors.” On Tuesday, its Malaysian-based parent company,Maillot Psg 2018/19 Pas Cher, Sarawak-based Samling Global Ltd, was accused by NPF of repeatedly breaching regulations of its timber activities in Sarawak and Guyana, contributing to illegal logging and severe environmental damage. A company spokesperson said that Samling Global was dissappointed with NPF’s public characterisation of the group, which was inaccurate and not based on complete information. “Samling Global has invited NPF to visit our operations to gain first-hand knowledge of our business and to clarify issues, but to no response. However, we respect NPF’s decision and we do not wish to comment on the decision of investors,Manchester City Fc Store,” the spokesperson told StarBiz. Samling Global, however,Adidas Pas Cher Chine, would remain committed to continual improvement in its sustainable forest management efforts. Linked to Sarawak timber tycoon Yaw Teck Seng, Samling Global is listed on the Hong Kong Stock Exchange. It is an integrated forest resource and wood products group with international operations in Malaysia, China, New Zealand, Australia and Guyana. Its timber concession in Guyana is about 1.6 million hectares (ha) and the concession in Malaysia is estimated at 1.3 million ha. On Monday, NPF, which is Norway’s state pension fund and also one of the world’s largest sovereign wealth funds, announced that it had excluded two Israeli companies on unethical activities and Samling Global on ethical grounds. The assessment by Norway’s Council on Ethics on Samling Global concluded that the group’s forest operations in Sarawak and Guyana had contributed to illegal logging and severe environmental damage. As at end of 2009, Norway’s state pension fund held 8.1 million kroner in stocks in Samling Global, which have now been sold. According to a source, NPF’s stake in Samling Global was only 0.37%. Its total investment in Samling Global as at Dec 31, 2009 was estimated to be worth about US$1.3mil prior to the divestment. “While the investment fraternity may consider the exit of NPF from Samling as no big deal given its insignificant stake,Asics Dynaflyte 2 Hombre, however,Zapatillas Baratas Online Espa?a, NPF accusations on Samling Global can to a certain extent affect the stock in the long term,” said the source. “It is unfair for NPF to label Samling Global as unethical given that the group has been involved in the timber business for the past 40 years and is also a strong advocate of sustainable forest development and management.” An analyst with a local bank-backed brokerage said he was not surprised by NPF’s decision to exit from investing in “controversial” companies related to large-scale human rights violations, corruption, the tobacco industry or environmental pollution. NPF is a shareholder in almost 7,900 companies worldwide. The pension fund frequently excludes companies from its investment portfolio according to the criteria laid out in its ethical guidelines. Some of the companies that have been excluded include Walmart, Singapore Technologies Engineering, Boeing, Britain’s BAE Systems, Rio Tinto, tobacco, weapon manufacturing, nuclear weapons manufacturing and mining companies. On Tuesday, Minister of Agriculture, Robert Persaud, said Guyana will be lodging formal representations with the Norwegian Government as it relates to a Reuters article that painted Barama operations in Guyana in a bad light. Persaud said that he was a little surprised at the statement given that the information was made available by that country’s finance ministry and it is known to them what Guyana’s forestry practices are. He said that the reports will not affect the monies that Guyana is scheduled to receive from Norway under the Memorandum of Understanding that was signed last year. “The Council on Ethics has assessed Samling Global, and concluded that the company’s forest operations in the rainforests of Sarawak and Guyana contribute to illegal logging and severe environmental damage,Air Max 270 Womens Australia,” Finance Minister Sigbjoern Johnsen had said in a statement. Persaud subsequently rebuffed an article, “Norway oil fund excludes 2 Israeli companies” which he said conveyed the wrong message about logging operations in Guyana, and as such he had to offer some clarifications on a specific statement in the article. “The Ministry said it had excluded forestry company Samling Global based on the environmental impact of its forest operations in Malaysia and Guyana.” That statement, according to Persaud, gives the false impression that Barama Company Limited’s (BCL) operations in Guyana have resulted in serious damage to the environment. He said that the Guyana Forestry Commission (GFC) which is engaged in continuous monitoring of BCL’s operations has found little evidence to substantiate such a position.
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