Sime Plantation slumps after US bans its palm oil imports


Reuters reported the United States banned imports of palm oil from Sime Plantation from Wednesday over allegations of forced labour in the production process, the U.S. Customs and Border Protection (CBP) said.

KUALA LUMPUR: Shares of Sime Darby Plantation Bhd fell to a low of RM4.95 – the lowest in a month – on Thursday after it was accused of using forced labour prompting the US to ban imports of its palm oil.

At 11.30am, Sime Plant was down 21 sen to RM4.96. There were 309,500 shares done at prices ranging from RM4.95 to RM5.10.

The slide in its shares weighed on the FBM KLCI, which fell 9.96 points or 0.61% to 1,634.45.

Turnover was 2.51 billion shares valued at RM1.22bil. There were 360 gainers, 541 losers and 488 counters unchanged.

Reuters reported the United States banned imports of palm oil from Sime Plantation from Wednesday over allegations of forced labour in the production process, the U.S. Customs and Border Protection (CBP) said.

The CBP said it issued a “withhold release order” on the company, which will allow it to detain shipments based on suspicion of forced labour involvement under longstanding U.S. laws aimed at combating human trafficking, child labour and other human rights abuses.

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