FGV to restore over 1,000ha of rainforest in West Kalimantan

As part of a package of incentives amounting close to RM1.6bil, some 77,934 Felda settlers, who are still paying for loans taken to subscribe for FGV shares during the listing exercise in 2012, will see their amounts outstanding being reduced significantly in a scheme whereby Felda matches their liabilities ringgit-for-ringgit, said an official close to the details.

PETALING JAYA: Palm oil company Felda Global Ventures Holding Berhad (FGV) has agreed to restore more than 1,000ha of peat forest in West Kalimantan after coming under pressure for its unsustainable deforestation.

Reports from environmental organisations Greenpeace and Chain Reaction Research had criticised FGV’s rapid deforestation, especially in high conservation value forest, that is said to be a violation of Indonesia’s no-peat development law.