Greenpeace China and local green
groups are lobbying the Chinese government to reject Gold East Paper's
application for a domestic stock listing because of its shocking
Gold East Paper is an affiliate of
Indonesian logging giant APP, which is suspected of illegal forest
destruction in Indonesia and China.
Greenpeace recommends that
China's Ministry of Environmental Protection (MEP) carefully consider
whether this company, which violates pollution laws and illegally
destroys forests, should have the right to raise capital by listing its
shares on the Shanghai stock market.
Gold East Paper has
submitted its initial public offering (IPO) application to the China
Securities Regulatory Commission (CSRC), the regulatory body of China
stock market. Following an agreement between CSRC and MEP on new
listing applications, the MEP initiated a 10-day consultation period
from Aug 5 to 14 to gather the public's opinion about the Gold East
Paper. (More details of this green finance initiative can be found here)
by Greenpeace China and fellow green groups, including Global Village,
Friends of Nature, Green SOS and Green Watershed have found that since
August 2005, Gold East Paper and its seven subsidiaries in China have
been guilty of eight serious environmental offenses.
On June 10, 2008, Suzhou City Environmental Protection
Bureau found that Gold Hua Sheng Paper had exceeded legal pollution
And on July 4, 2008, Hainan Jinhai Pulp and Paper was found guilty of discharging illegal black effluent.
Gold East Paper's subsidiaries operating in Yunnan and
Hainan provinces are also suspected of illegal logging and inflicting
serious damage to nature reserves.
In 2007, Greenpeace China discovered that Hainan Jinhai
Pulp and Paper had been illegally clearing forest for eucalyptus
China's environmental ministry first has to approve the listing before it goes to the securities regulator.
the ministry 10-day public consultation on the company IPO (from August
5 to 14), Greenpeace and many local green groups have been urging the
watchdog to pay attention to the enterprise's environmental
shortcomings when considering whether to approve the listing.
is clear that APP, Gold East Paper, and its subsidiaries have shown a
complete lack of sincerity in keeping their environmental promises.
these issues are resolved, Greenpeace China recommends that Gold East
Paper not be allowed to proceed with a domestic listing.
Tam, Man Kei, Sustainable Finance Campaigner, Greenpeace China, +852 2854 8331, firstname.lastname@example.org