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Friday, June 11, 2010

SMART parent company committed indisciplined

BI/bursa
Irvin Avriano A.

SMART parent company committed indisciplined

JAKARTA: Golden Agri-Resources Ltd, one of a Sinar Mas Group company and also the world’s second-biggest palm oil producer, said a manager at its subsidiary PT Sinar Mas Agro Resources and Technology Tbk (SMART) has been suspended.

Bloomberg reported that suspended related with the failure of the person for being not comply with 'Standard Operating Procedures relating to planting oil palm trees on peat land'.

The company's palm oil plantation is located in West Kalimantan, Indonesia. Golden Agri-Resources is a publicly listed company in Singapore bourse, while SMART listed in Indonesia Stock Exchange (IDX/PT Bursa Efek Indonesia).

The news are related with the earlier oil palm contract termination from the Sinar Mas Group's SMART with Unilever and Nestle. The termination itself related with the demonstration that held by Greenpeace activist after the NGO find a proof that the company have not comply with natural environment reservation program.

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