IOI Corp Working With Industry Group to Achieve Roadmap
Stock Chart for IOI Corp Bhd (IOI)
IOI Corp., Malaysia’s second-biggest listed palm oil producer, said it has been working “closely” with an industry group on a roadmap to address issues related to allegations of illegal deforestation and disputes over land.
“This necessitates extra time beyond the stipulated deadline of May 25,” Karen Liew, IOI’s corporate communications manager said in a statement today. “The final decision will be notified to all the stakeholders as well as the public soon.”
The Roundtable on Sustainable Palm Oil group, or RSPO, suspended IOI’s certification process after “several non- governmental organizations, namely Migros, Friends of the Earth and Grassroots, as well as the local community of Long Teran Kanan in Sarawak” made allegations against the company.
The group needs more time to assess IOI’s response to the complaints, it said on its website late yesterday. The company on May 5 called for it to lift a suspension of its sustainability certification.
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