Norway blacklists two Malaysian logging companies

Norway blacklists two Malaysian logging companies

The Fund's Council on Ethics recommends the exclusion of WTK Holdings Berhad and Ta Ann Holdings "from the investment universe of the Norwegian Government Pension Fund Global".

In 2010, the Norwegian government had already divested from Samling Global and its Malaysian subsidiary, Lingui, for similar reasons. With the exclusion of Ta Ann and WTK, three out of six logging giants from Sarawak have been blacklisted. The other three - Rimbunan Hijau, Shin Yang and KTS - are not publicly listed.

The Norwegian investigation highlights the extent of the governance crisis in the Sarawak timber sector caused by the deliberate non-implementation of forest laws by the state government under Chief Minister Taib Mahmud. The conduct of the Sarawak government is also the main reason for the failure of negotiations between the EU and Malaysia on a Voluntary Partnership Agreement (VPA) within the EU's FLEGT (Forest Law Enforcement, Governance and Trade) program.

Ta Ann Holdings is chaired by Taib Mahmud's cousin, Hamed Sepawi, and has recently been criticized for its role in the destruction of old-growth Eucalypt Forests in Tasmania.

The Bruno Manser Fund welcomes the Norwegian decision and calls on traders to stop selling timber provided by the blacklisted companies. In particular, the Tasmanian government is asked to revise its business contracts with Ta Ann Holdings.

Sources of this release:


Or find the Council's recommendations on: www.stop-timber-corruption.org/resources/


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