Bursa Malaysia (KLSE) Stock Investment Portal

FGV hopes to lift US ban on its palm oil, products as soon as possible

KUALA LUMPUR (Oct 5): FGV Holdings Bhd said it working towards resolving issues related to the ban on the company’s palm oil in the US and getting the US Customs and Border Protection's (CBP) withhold release order (WRO) against palm oil and palm oil products made by the plantation group lifted as soon as possible.

FGV said in an emailed statement in response to queries from theedgemarkets.com that it is unable, at this stage, to provide a definitive timeline to resolve issues related to the ban, but the company expects the matter to be resolved in several months.

"We hope to meet with the CBP as soon as possible. At the moment, we are not in the position to indicate when such a meeting will take place as that depends on the CBP.

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"There is not much information about the sort of evidence needed for the lifting of the WRO. Information that is available in this regard is rather vague. Therefore, getting clarification from the CBP on this matter is a priority for FGV, so that we could submit to the CBP the necessary evidence.

"Since August 2019, FGV has been submitting information about its efforts and initiatives in enhancing its labour practices to the CBP through our legal counsel. We will indeed continue to engage and communicate with the CBP to provide them with additional information and evidence of the various programmes we have carried out and continued to implement to enhance our labour practices,” FGV said.

Last Wednesday (Sept 30), the CBP said in a statement that effective from the same day, at all US ports of entry, the CBP would detain palm oil and palm oil products made by FGV, its subsidiaries or joint ventures (JVs).

The CBP said its Office of Trade directed the issuance of the WRO against palm oil and palm oil products made by FGV based on information that reasonably indicates alleged use of forced labour.

"The order is the result of a year-long investigation that revealed forced labour indicators, including abuse of vulnerability, deception, restriction of movement, isolation, physical and sexual violence, intimidation and threats, retention of identity documents, withholding of wages, debt bondage, abusive working and living conditions, and excessive overtime. The investigation also raised concerns that forced child labour is potentially being used in FGV’s palm oil production process," the CBP alleged.

Brenda Smith, an executive assistant commissioner of the CBP’s Office of Trade, alleged in the statement that "the use of forced labour in the production of such a ubiquitous product allows companies to profit from the abuse of vulnerable workers".

On Bursa Malaysia today, FGV’s share price was up one sen or 0.97% at RM1.04 as at the time of writing, giving the company a market capitalisation of about RM3.76 billion.

The counter saw 2.56 million shares traded.

https://www.theedgemarkets.com/article/fgv-hopes-lift-us-ban-its-palm-oil-products-soon-possible

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Stock: [FINTEC]: FINTEC GLOBAL BERHAD

2020-10-01 14:27 | Report Abuse

Focus still up so Q4 2020 also profit?

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Stock: [FINTEC]: FINTEC GLOBAL BERHAD

2020-10-01 14:27 | Report Abuse

AT, Vsolar, Netx, Seacera today up.

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Stock: [FGV]: FGV HOLDINGS BERHAD

2020-10-01 14:24 | Report Abuse

TP RM 1.21 (CIMB).
https://www.theedgemarkets.com/article/us-ban-restrict-fgv-palm-oils-market-access-%E2%80%94-cgscimb

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Stock: [FGV]: FGV HOLDINGS BERHAD

2020-10-01 14:22 | Report Abuse

FGV is a participating company in the Fair Labor Association (FLA), an international organisation. The Company is currently implementing a long-term and comprehensive action plan under its affiliation to the FLA that comprises a number of initiatives to further strengthen the various aspects of our labour practices such as our recruitment process, human rights training programmes, working and living conditions, as well as grievance mechanisms etc. FGV’s action plan for 2020 was adopted on 31 March 2020 in consultation with the FLA and with various other stakeholders including civil society organisations (CSOs).

The action plan was adopted at a time when the COVID-19 situation was rapidly worsening globally, including in Malaysia. Despite the unprecedented challenges posed by the COVID-19 pandemic, which forced FGV to realign its priorities to ensure that necessary measures are taken to curb and combat the spread of COVID-19, FGV remained committed to implementing the action plan, and FGV believes that concrete progress has been made in the six months of implementation beginning April 2020. FGV is confident that it is on the right track to be able to accomplish the action items due to be completed by the end of 2020.

FGV’s affiliation to the FLA is subject to rigorous validation exercises and public reporting. FLA’s report on FGV’s progress on the implementation of the action plan is published on FLA’s website.

Since August 2019, FGV has been communicating with CBP through our legal counsel and have submitted evidence of compliance on labour standards as committed by FGV. FGV will continue to engage with CBP to clear FGV’s name, and is determined to see through its commitment to respect human rights and uphold labour standards.

The WRO does not have any material financial and operational impact on FGV Group.

The Company shall make further announcement if there are any material development in respect of this matter.

This announcement is dated 1 October 2020.

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Stock: [FGV]: FGV HOLDINGS BERHAD

2020-10-01 14:21 | Report Abuse

OTHERS FGV Holdings Berhad ("FGV" or the Company") Clarification on the U.S. Customs and Border Protection's Withhold Release Order (WRO)
FGV HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description FGV Holdings Berhad ("FGV" or the Company")
Clarification on the U.S. Customs and Border Protection's Withhold Release Order (WRO)
The Board of Directors of FGV wishes to confirm that the U.S. Customs and Border Protection (CBP) has placed a WRO on palm oil and palm oil products made by FGV and its subsidiaries (FGV Group) and joint ventures on 30 September 2020.

FGV would like to emphasise that all issues raised have been the subject of public discourse since 2015 and FGV has taken several measures to correct the situation. FGV’s efforts are well documented and available in the public domain.

FGV has taken steps over the past several years in demonstrating its commitment to respect human rights and to uphold labour standards. Various efforts have been carried out by FGV in honouring these commitments, including the following:

FGV continues to strengthen its procedures and processes in the recruitment of migrant workers. FGV has established four One-Stop Centres in Malaysia and in source countries namely in India and Indonesia, as part of our efforts to strengthen the pre-departure and post-arrival orientation programmes for our migrant workers. Through these orientation sessions, the migrant workers are briefed on various matters including the terms of their employment, job scope, nature of work, rights and responsibilities, as well as benefits and entitlements.
FGV has also established guidelines and procedures for Responsible Recruitment of Migrant Workers in 2019, adopting international standards. Under the said guidelines, FGV is committed to pay the costs associated with the recruitment of migrant workers, which include air fare, costs for work permit, visa, medical check-up and insurance. FGV has also revised the contracts with recruitment agencies to ensure that the recruitment agencies do not charge any fees to the workers.
FGV is not involved in any recruitment or employment of refugees. Effective 2020, FGV recruits its migrant workers mainly from India and Indonesia through legal channels and processes, recognised and approved by the Malaysian authorities and the source countries. As of August 2020, FGV has 11,286 Indonesian workers and 4,683 Indian workers, collectively form majority of FGV’s plantation workforce. Furthermore, FGV does not hire contract workers as all workers are directly employed by FGV.
FGV is also pioneering the implementation of the electronic wallet (e-wallet) for cashless payroll system for its plantation workers. The e-wallet system, which gives empowerment to the workers, acts as a more convenient and efficient way for workers to manage their finances. It has been successfully rolled out since February, 2020 in Gua Musang, Kelantan, involving 1,500 registered users in 11 estates. By first quarter 2021, FGV aims to implement this system for its entire plantation sector nationwide.
FGV does not practise retaining the passports of its workers. However, FGV does install a total of 32,250 safe boxes throughout all of its 68 complexes as an option for the migrant workers to keep their passports safe.
On housing, FGV has over the past three years invested approximately MYR350 million to upgrade housing facilities for its workers by constructing new residences in our plantations all over the country.
FGV respects workers’ right to healthcare by providing health benefits, which cover annual expenses for outpatient care and unlimited allocation for inpatient treatment.
Mindful that human rights and sustainability standards must be fulfilled throughout our supply chain, FGV has adopted a Supplier Code of Conduct (SCOC), outlining the principles and standards relating to sustainability, business ethics and integrity, safety, health and environment and labour, with which our suppliers and vendors are required to comply. Any supplier or vendor that does not comply with the SCOC will be subjected to FGV’s Supplier Delinquency Guidelines, with the possibility of being suspended or terminated and blacklisted should they fail to demonstrate willingness to rectify the gaps in their practices.

FGV does not tolerate any form of human rights infringements or criminal offenses in its operations. FGV pays serious attention to any allegation of physical or sexual violence as well as intimidation or threats. Any case of such nature will be acted upon by FGV, including by reporting to the relevant authorities.
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3092680

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Stock: [FGV]: FGV HOLDINGS BERHAD

2020-10-01 12:33 | Report Abuse

Late Deepavali in 2020 so Oct India to buy more?

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Stock: [FGV]: FGV HOLDINGS BERHAD

2020-10-01 12:33 | Report Abuse

Sep'Oct 20 India must buy more to cover 2020 shortage?
http://mpoc.org.my/monthly-palm-oil-trade-statistics-2020/

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Stock: [FGV]: FGV HOLDINGS BERHAD

2020-10-01 12:29 | Report Abuse

Deepavali coming need CPO not from US.

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Stock: [FINTEC]: FINTEC GLOBAL BERHAD

2020-09-18 11:12 | Report Abuse

17-Sep-2020 Insider CREDIT SUISSE GROUP AG (a substantial shareholder) acquired 20,000 shares on 14-Sep-2020.

FOCUS DYNAMICS GROUP BERHAD

Particulars of substantial Securities Holder
Name CREDIT SUISSE GROUP AG
Address Paradeplatz 8, Zurich, 8001
Switzerland.
Company No. CH-020.3.906.075-9
Nationality/Country of incorporation Switzerland
Descriptions (Class) Ordinary shares
Details of changes
No Date of change
No of securities
Type of Transaction Nature of Interest
1 14 Sep 2020
20,000
Acquired Deemed Interest
Name of registered holder Credit Suisse (HK) Ltd HSBC Nom. (Asing) S/B Emp An for Credit Suisse Hong Kong Ltd (Firm)
Address of registered holder No. 2, Leboh Ampang 50100 Kuala Lumpur Wilayah Persekutuan (KL) Malaysia
Description of "Others" Type of Transaction

Circumstances by reason of which change has occurred Acquisition of 20,000 shares on 14 September 2020. Credit Suisse Group AG has deemed interests.
Nature of interest Deemed Interest
Direct (units) 0
Direct (%) 0
Indirect/deemed interest (units) 206,400,000
Indirect/deemed interest (%) 10.1
Total no of securities after change 206,400,000
Date of notice 16 Sep 2020
Date notice received by Listed Issuer 16 Sep 2020
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3088931