1-9 of 9 results for subject:Feronia
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To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to the report, Development banks must be held accountable for their disastrous oil palm plantation investments, published by the Committee for the Abolition of Illegitimate Debt in the Congo on 25 September 2020, whether CDC Group...
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to the report, Development banks must be held accountable for their disastrous oil palm plantation investments, published by the Committee for the Abolition of Illegitimate Debt in the Congo on 25 September 2020, whether CDC Group...
The allegations in the referenced web article are unsubstantiated. Feronia's `Environmental, Social and Governance (ESG) team undertook an investigation into the allegations alongside Groupe d'Action pour Sauver l'Homme et son Environnement (GASHE), a respected DRC-based NGO, which aims to protect the natural environment and its resources while supporting the communities who live within them. They found that no grievances had been lodged with the company and, after extensive engagement with local communities, uncovered no mention of any whipping incident in any circumstance either inside the plantations or in the community.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether CDC Group made and assessment of the potential development benefits of issuing shares in Feronia Inc. to local community co-operatives.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether CDC Group made and assessment of the potential development benefits of issuing shares in Feronia Inc. to local community co-operatives.
In managing its investment in Feronia CDC considered the option of transferring some, or all, of the Company's assets into a community-led structure.
Since CDC first invested in Feronia in 2013, workers' wages have more than doubled, and protective clothing is now mandatory. Housing has begun to be renewed and restored and around $7 million has been spent on clean water provision, healthcare and educational facilities. 72 wells have been drilled or renovated, and restored medical facilities are helping thousands of workers and non-workers every year.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether any of CDC Group's USD 80.66 million investment in Feronia was written off by the CDC after the transfer of shares in that company to private equity firm KKM.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether any of CDC Group's USD 80.66 million investment in Feronia was written off by the CDC after the transfer of shares in that company to private equity firm KKM.
CDC has invested a total of $76.6 million in Feronia since 2013. This has been a pioneering investment for CDC in a remote area of DRC that has led to economic opportunities for local people including improvements to healthcare, education, clean water and infrastructure provision.
Feronia announced in June that it was in restructuring talks with lenders and current shareholders including KKM, to look at possible asset sales, reduce debts and bring in new equity. The restructuring of Feronia involving the transfer of its shares in Plantations et Huileries du Congo (PHC) to KKM has not yet happened.
The sale of Feronia is a live commercial transaction and as there are issues of commercial confidentiality it would be inappropriate at this stage to go into detail about the transaction.
The Secretary of State is failing to take labour rights seriously. He is a career investment banker by trade, and he has—[Interruption.] I think it is relevant that he has gone from corporate wealth management to managing the UK’s aid budget. Feronia, a Canadian palm oil company based in the Democratic Republic of the Congo, has received tens of millions of pounds of UK aid via the CDC Group; it has been plagued by scandal for years; and, in July, Joël Imbangola Lunea, a community activist involved in a land dispute with
Feronia, was allegedly murdered by a security guard employed by the company. Joël was father to eight children—
The Secretary of State is failing to take labour rights seriously. He is a career investment banker by trade, and he has—[Interruption.] I think it is relevant that he has gone from corporate wealth management to managing the UK’s aid budget. Feronia, a Canadian palm oil company based in the Democratic Republic of the Congo, has received tens of millions of pounds of UK aid via the CDC Group; it has been plagued by scandal for years; and, in July, Joël Imbangola Lunea, a community activist involved in a land dispute with
Feronia, was allegedly murdered by a security guard employed by the company. Joël was father to eight children—
The hon. Gentleman is very welcome to write to me about the case. He wrote an article a few days back describing me as
“exploring ways to profit from human misery”.
May I just point out to him, with respect, that he could perhaps take some lessons from the Chairman of the Select Committee, who knows a lot more about development than he does?
Will the Department now launch its own investigation into this case and the litany of failures surrounding Feronia?
Will the Department now launch its own investigation into this case and the litany of failures surrounding Feronia?
The hon. Gentleman is very welcome to write to me about the case. He wrote an article a few days back describing me as
“exploring ways to profit from human misery”.
May I just point out to him, with respect, that he could perhaps take some lessons from the Chairman of the Select Committee, who knows a lot more about development than he does?
The hon. Gentleman is very welcome to write to me about the case. He wrote an article a few days back describing me as
“exploring ways to profit from human misery”.
May I just point out to him, with respect, that he could perhaps take some lessons from the Chairman of the Select Committee, who knows a lot more about development than he does?
The Secretary of State is failing to take labour rights seriously. He is a career investment banker by trade, and he has—[Interruption.] I think it is relevant that he has gone from corporate wealth management to managing the UK’s aid budget. Feronia, a Canadian palm oil company based in the Democratic Republic of the Congo, has received tens of millions of pounds of UK aid via the CDC Group; it has been plagued by scandal for years; and, in July, Joël Imbangola Lunea, a community activist involved in a land dispute with
Feronia, was allegedly murdered by a security guard employed by the company. Joël was father to eight children—
To ask Her Majesty’s Government what development impacts are expected from the use of United Kingdom official development assistance to purchase part of the agribusiness company Feronia through CDC.[HL6352]
To ask Her Majesty’s Government what development impacts are expected from the use of United Kingdom official development assistance to purchase part of the agribusiness company Feronia through CDC.[HL6352]
CDC is a public limited company with an independent Board and takes individual investment decisions independent of DFID. Information about the investment and its expected development impact is available on CDC’s website http://cdcgroup. com/Media/News/CDC-invests-US181m-in-agribusiness-in-the-Democratic-Republic- of-Congo/.
To ask Her Majesty’s Government what assessment they have made of the extent to which the work of Feronia fits with the National Development Strategy of the government of the Democratic Republic of the Congo.[HL6353]
To ask Her Majesty’s Government what assessment they have made of the extent to which the work of Feronia fits with the National Development Strategy of the government of the Democratic Republic of the Congo.[HL6353]
CDC is a public limited company with an independent Board and takes individual investment decisions independent of DFID. Information about the investment and its expected development impact is available on CDC’s website http://cdcgroup. com/Media/News/CDC-invests-US181m-in-agribusiness-in-the-Democratic-Republic- of-Congo/.
To ask Her Majesty’s Government what assessment they have made of the compatibility of Feronia’s registration in the Cayman Islands with sustainable economic development in the Democratic Republic of the Congo.[HL6354]
To ask Her Majesty’s Government what assessment they have made of the compatibility of Feronia’s registration in the Cayman Islands with sustainable economic development in the Democratic Republic of the Congo.[HL6354]
CDC is a public limited company with an independent Board and takes individual investment decisions independent of DFID. Information about the investment and its expected development impact is available on CDC’s website http://cdcgroup. com/Media/News/CDC-invests-US181m-in-agribusiness-in-the-Democratic-Republic- of-Congo/.