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Home › Dodgy Deals ›
Dodgy Deal
OLAMSingapore

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Profile by:
BankTrack
Last update: 2023-03-31 00:00:00
Photo: Olam

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Profile by:
BankTrack
Last update: 2023-03-31 00:00:00
Why this profile?

Why this profile?

Olam has been allocated 67,154 hectares of land for potential industrial oil palm development in two lots in Mouila in Ngounie province. The HCV assessment for the 35,354 hectare concession of ‘Mouila 1' found large areas of high conservation value forests. 

About
Sectors Commodities Trading
Headquarters
Ownership

Olam was listed on the Singapore Exchange on 11 February 2005. Olam is part-owned by the Singapore government through its sovereign wealth fund Temasek Holdings.

In its 2014 year report, it listed these 3 shareholders as being the largest: Breedens Investments PTE (49%); Citibank Nominees Singapore Pte (18.6%); Aranda Investments Pte ( 9.4%).

Subsidiaries
Website https://www.olamgroup.com/

Olam International Limited is a global integrated supply chain manager, processor and trader of soft commodities like palm oil, cocoa, coffee, cashew, rice and cotton. It started in 1989 in Nigeria, as a cashew exporter and then expanded, first into other African countries and later to Europe and Asia. It now operates in more than 60 countries.

Impacts

Impact on human rights and communities

Related to community rights, many serious concerns were raised during the social impact assessment consultations in the Mouila 1 concession in Gabon. Olam claims to have identified a particular concern related to subsistence agriculture activities, as part of a free, prior and informed consent (FPIC) process, and set aside two areas totalling 950 hectares for this purpose.


Impact on climate

In the Kango concession Olam plans to clear 7,134ha. While the area the company plans to clear does not meet the strict definition of HCV, converting it will still involve the clear-felling of secondary forest and will bring about significant changes to local livelihoods. The carbon impacts of the development are also significant: it is estimated that it will result in the release of around 4 million tonnes of carbon dioxide - almost double Gabon's current annual emissions.


Impact on nature and environment

Olam has been allocated 67,154 hectares of land for potential industrial oil palm development in two lots in Mouila in Ngounie province. The HCV assessment for the 35,354 hectare concession of ‘Mouila 1' found large areas of high conservation value forests, including rare, threatened or endangered ecosystems and species. Almost half of the concession, 14,994 hectares, has already  been set aside on the basis of its high environmental value, but further areas of HCV still need to be established for livelihood and cultural purposes. Olam has stated that it is carrying out "further faunal surveys" in the area.

The second area, Mouila 2, is 31,800 hectares and the suitability of the area has yet to be assessed by the company. The exact location and boundary of this second area has not yet been made public, so no independent assessment is possible.

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2020-12-21 | Forest Heroes
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2020-08-30 | Reporter Brasil
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Investigation begins into alleged deforestation by Olam, ‘world’s largest farmer’

A retrospective assessment has begun of claims that FSC-certified palm oil producer Olam razed thousands of hectares of wildlife-rich rainforest in Gabon.
2020-08-12 | Eco Business
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Dutch-based banks continue to finance deforestation and land-grabbing

2018-07-02 | Friends of the Earth Netherlands
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Olam vante le potentiel de production d’huile de palme de l’Afrique

2015-03-04 | Agence Ecofin
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Africa to be the next frontier for oil palm

2015-03-03 | Farmaldngrab
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Asia's Hungry Agribusinesses

2011-01-08 | Barron's
Resources
Documents
Images
Links
2024-10-16 00:00:00

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Partner publication
2024-10-16 00:00:00 | Forest and Finance Coalition
2024-03-21 00:00:00

How the Netherlands finances agrilobby in Brazil

A case study for the Fair Bank Guide Netherlands
Partner publication
2024-03-21 00:00:00 | Fair Bank Guide Netherlands
2021-03-19 00:00:00

Countdown to Extinction

What will it take to get companies to act?
NGO document
2021-03-19 00:00:00 | Greenpeace
2021-03-18 00:00:00

Shining a Spotlight

A critical assessment of food and beverage companies’ delivery of sustainability commitments
NGO document
2021-03-18 00:00:00 | Oxfam
2017-06-13 00:00:00

Japanese and Malaysian banks and investors continue to pump billions of dollars into forest-risk companies, without adequate environmental and social safeguards

NGO document
2017-06-13 00:00:00 | RAN, TuK Indonesia & Profundo
2014-10-15 00:00:00

Response to Forest Heroes Green Tigers r eport on Palm Oil companies

Company document
2014-10-15 00:00:00 | Olam
2014-10-01 00:00:00

Annual Report 2014

Annual report
2014-10-01 00:00:00 | OLAM
2012-11-16 00:00:00

Response from Olam to Rainforest Foundation UK statements for report on industrial palm oil in Congo basin

Company document
2012-11-16 00:00:00 | Olam
2011-11-01 00:00:00

Olam Palm Sustainability Policy

Bank policy
2011-11-01 00:00:00 | Olam

Olam

2014-10-15

Olam and Certirfication schemes for its products

Olam - RSPO member

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