IFC offloads illegal timber trader (Bretton Woods Project)

IFC offloads illegal timber trader

A Financial Times article in December reported that the IFC has withdrawn from its 3.35 per cent equity stake, worth up to $7.5 million in the Singapore-based global commodities trader, Olam International, following allegations that the company was sourcing timber illegally in the Democratic Republic of Congo (see Update 57). IFC stated its decision was due to "policy considerations". A series of recent reports and letters sent to the IFC by Greenpeace outlined the company's dire environmental and social record in the country and pointed to the IFC's lack of due diligence in funding it. Suzanne Breitkopf asserts that "the case of Olam International is illustrative of the Bank's failure to reduce poverty and promote sustainable development."

Deforestation and double standards News|Bretton Woods Project|5 October 2007|update 57|url
As the Bank prepares to launch its Forest Carbon Partnership Facility forestry experts fear that this framework will benefit industrial scale logging. read article...
La CIF se deshace de comerciante maderero ilegal News|Bretton Woods Project|18 February 2008|update 59|url
La CIF se retiró del préstamo del 3,35% de los valores, con un total de $7,5 millones a Olam International, comerciante de artículos globales con sede en Singapore, como consecuencia de los alegatos de que la compañía estaba comerciando con maderas ilegales en la Republica Democrática del Congo read article...

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Published: 1 February 2008 , last edited: 1 February 2008

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IFC offloads illegal timber trader

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