16 Apr '12, 2pm

Asia Pulp and Paper: bad for the #forests and bad for the investment community

Asia Pulp and Paper: bad for the #forests and bad for the investment community

Asia Pulp and Paper (APP), the pulp and paper giant behind the illegal timber scandal we exposed last month, has lost one of its largest international investors. In March we released evidence from a year-long investigation showing how illegal ramin was regularly identified at APP’s main pulpmill in Indonesia, Indah Kiat Perawang. Eleven companies were named at the time as having links to APP and most, including Danone, Xerox and Mondi have acted to suspend any contracts with the APP. This week Skagen funds, from Norway, confirmed it has sold of its shares in a publicly listed part of APP. The investor wrote that ‘Indah Kiat was no longer part of the SKAGEN Kon-Tiki-portfolio as at the end of March 2012. We sold our position based on a review of the holding in light of SKAGEN´s investment philosophy, ethical guidelines and our aim of providing our unit holders with the best...

Full article: http://www.greenpeace.org.uk/blog/forests/asia-pulp-and-p...

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