BANKS DODGY DEALS CAMPAIGNS
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-03-17 00:00:00
Briefing: The role of financial institutions in decarbonising the steel sector
2023-03-09 00:00:00
Dutch bank ING supports controversial pipeline to import gas from authoritarian Azerbaijan
2023-02-23 00:00:00
Financial institutions need to address steelmaking’s coal addiction
2023-02-07 00:00:00
What COP15 means for banks: meeting the Global Biodiversity Framework requires protecting Indigenous rights and divesting from harmful industries
2023-03-20 08:50:41
Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?
2023-03-14 14:59:00
New ING policy could spark bank shift away from financing oil and gas infrastructure
2023-02-24 13:46:14
Pego power station conversion plans halted
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Banks and Pandemics
Our projects
Tracking the NZBA
Banks and Putin's war in Ukraine
Tracking the Equator Principles
Tracking the PRBs
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Login
Home › Dodgy Deals ›
Dodgy Deal
Sime DarbyMalaysia

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Lead organisation:
BankTrack
Contact:

TuK Indonesia

Last update: 2021-03-15 00:00:00
Crude Palm Oil (CPO) Tanks of Sime Darby. Photo: Photo by CEphoto, Uwe Aranas / CC-BY-SA-3.0

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Lead organisation:
BankTrack
Contact:

TuK Indonesia

Last update: 2021-03-15 00:00:00
Why this profile?
About
Sectors Agriculture for Palm Oil
Headquarters
Ownership
listed on Bursa Malaysia

Sime Darby Berhad, incorporated in Malaysia and listed on the Kuala Lumpur Stock Exchange (Bursa Malaysia) has a market capitalization of USD11.74 billion (June 2016). Sime Darby is controlled by the Malasian Government as its major shareholders are government controlled companies. The majority shareholder is Permodalan Nasional Berhad which ownes 50,40% of the shares (August 2016). Two other major shareholders are the Employees Provident Fund which ownes 9,86% of the shares and Kumpulan Wang Persaraan which ownes 5% of the shares (April 2017).

Subsidiaries
PT Mitra Austral Sejahtera - PT MAS – Indonesia
Website http://www.simedarby.com/

Sime Darby is a Malaysian multinational conglomerate that has operations in the plantations, property, healthcare, energy and utilities sectors. It was founded in 1910 by two British businessmen involved in the rubber industry, and later encompassed the oil palm and cocoa business as well.

Sime Darby Plantation is the plantation and agri-business arm of the Sime Darby Group. It is involved in oil palm and rubber plantation management cultivation and downstream activities, agribusiness and food, as well as Research & Development (R&D).

The merger of Sime Darby Berhad, Golden Hope Plantations Berhad and Kumpulan Guthrie Berhad (completed on 27 November 2007) established Sime Darby Plantation as the largest listed plantation company in the world. It produces about 2.44 million tonnes of Crude Palm Oil (CPO) or 4% of the world's annual output.

Sime Darby has been a member of the RSPO since 7 September 2004.

Impacts

Social and human rights impacts

In Indonesia, Sime Darby is involed in a longstanding land grabbing conflict with the Indigenous communities of Kerunang-Entapang in the plantations of its subsidiary PT. MAS, in West Kalimantan. The communities have filed a complaint at the RSPO in 2012, which as of April 2017, is yet to be resolved.

NGOs raised serious concerns about the impact on forests and local communities of its operations in Liberia. Lack of consultation during initial agreement has resulted in continued tension between Sime Darby and local communities. Unresolved issues remain six years after community negotiations started. Full concession development would require negotiations with an additional 55 communities. This could entail decades of negotiations with uncertain outcomes, and could result in significant delays to project development.


Environmental and climate impacts

There has not been any recent public evidence of large-scale deforestation by Sime Darby in Asia, and Sime has made significant progress in achieving RSPO certification for its Southeast Asian operations. However, NGOs have raised serious concerns about the impact on forests and local communities of its operations in Liberia. The company has  signed a 63-year concession agreement in 2009 for 220,000 ha of land to be developed into oil palm and rubber plantations in Liberia. An additional 44,000 ha are to be developed under an outgrower scheme. To date, Sime Darby has planted 10,411 ha palm oil and 107 ha rubber under this agreement. Sime Darby’s undeveloped land bank in Liberia contains high-density forest; thus 45% cannot be developed responsibly.


Other impacts

Sime Darby led resistance to industry adoption of a "No Deforestation, No Peat, No Exploitation" policy. Instead, Sime Darby has led an initiative to create a so-called palm oil manifesto that would attempt to change the definition of what forests merit protection under palm oil industry forest conservation policies. It was only after significant pressure that Sime Darby announced in September 2014 an immediate moratorium on the clearance of high carbon stock (HCS) forests, whilst a study that aims to establish a threshold for defining what constitutes HCS forests was being carried out.

Financiers

Data from ForestsAndFinance.org identifies USD 1,103 million in finance raised by Sime Darby in the period 2010-2016, including USD 625 million in corporate loans, USD 155 million in revolving credit and USD 323 in bond issuances. Sime Darby has not issued any new shares between 2009 and 2016, but has issued new bonds several times. For a full list of financiers, see ForestsAndFinance.org.

Institution type
Finance type
Year

 

 

News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

Sime Darby Plantation commences legal proceedings against NGO Liberty Shared

2021-03-15 | The Edge Markets
BankTrack news BankTrack blog Partner news Partner blog

GREEN CATS 2020 UPDATE: SCORING PALM OIL AND SOY COMPANIES ON FOREST POLICIES AND TRANSPARENCY

2020-12-21 | Forest Heroes
BankTrack news BankTrack blog Partner news Partner blog

RSPO Must Respond to Complaints Against Sime Darby: Rights Group

2017-12-05 | Jakarta | JakartaGlobe
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Towards responsible and inclusive financing of the palm oil sector

2017-11-15 | Center for International Forestry Research (CIFOR), Profundo
BankTrack news BankTrack blog Partner news Partner blog

Sime Darby company’s operations suspended due to illegal practices

2017-08-04 | Foresthints
private BankTrack news BankTrack blog Partner news Partner blog

In Liberia, a battered palm oil industry adjusts to new rules

The industry expected to find green pastures in Liberia, but early missteps and new environmental restrictions have led to slow expansion.
2017-05-10 | Mongabay
BankTrack news BankTrack blog Partner news Partner blog

Swiss banks bankrolling illegal deforestation in Africa and East Asia

2017-03-24 | Illegal Deforestation Monitor
BankTrack news BankTrack blog Partner news Partner blog

NGO urges Sime Darby to solve land conflict before IPO

2017-01-30
BankTrack news BankTrack blog Partner news Partner blog

Press Release: Sime Darby Landgrabbing in Indonesia

2016-12-08 | TuK Indonesia
BankTrack news BankTrack blog Partner news Partner blog

Sime Darby Plantation Completes NBPOL Acquisition

2015-03-03 | Sime Darby
BankTrack news BankTrack blog Partner news Partner blog

Sime Darby Must Match New Britain Palm Oil’s Progress

2015-03-03 | Greenpeace Souteast Asia
BankTrack news BankTrack blog Partner news Partner blog

Malaysia's Sime Darby completes $1.74 bln New Britain Palm Oil buy

2015-03-03 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Deforestation, "development" connected to spread of Ebola in West Africa

2014-11-24 | Farm Landgrab
BankTrack news BankTrack blog Partner news Partner blog

Palm oil companies say they'll put forest destruction on hold. But what happens next?

2014-09-25 | Greenpeace
BankTrack news BankTrack blog Partner news Partner blog

Sime Darby Plantation Halts All Development while HCS Study is Conducted

2014-09-22 | Sime Darby
private BankTrack news BankTrack blog Partner news Partner blog

Major Growers Commit to No HCS Development as HCS Study Starts in Earnest

2014-09-19 | KLK
BankTrack news BankTrack blog Partner news Partner blog

Institutional Investors Press Palm Oil Producers to Stop Cutting Down Rainforest

2014-09-08 | Green Century Funds
BankTrack news BankTrack blog Partner news Partner blog

Indonesia Lawmakers Draft Bill to Slash Foreign Ownership of Plantations

2014-08-15 | The Jakarta Globe
BankTrack news BankTrack blog Partner news Partner blog

Talk and log. The relativity of palm oil sustainability.

2014-07-14 | Greenpeace blog
BankTrack news BankTrack blog Partner news Partner blog

Palm Oil Industry Comes Together In Significant Sustainability Initiative

2014-07-08 | Sime Darby
BankTrack news BankTrack blog Partner news Partner blog

Liberia: Action against the expansion of oil palm plantations by Sime Darby and Golden Veroleum

2013-10-22 | World Rainforest Movement
BankTrack news BankTrack blog Partner news Partner blog

European Investments Assist Land Grabs for Palm Oil in Liberia

European funded palm oil expansion in Liberia linked to social and environmental damage
2013-06-24 | Brussels, Belgium / Monrovia, Liberia | Friends of the Earth Europe, Friends of the Earth Liberia
BankTrack news BankTrack blog Partner news Partner blog

Norway's wealth fund dumps 23 palm oil companies under new deforestation policy

2013-03-11 | Mongabay
BankTrack news BankTrack blog Partner news Partner blog

Liberian women impacted by expansion of Sime Darby’s oil palm plantations

2013-02-28 | World Rainforest Movement
BankTrack news BankTrack blog Partner news Partner blog

Liberian communities affected by oil palm land deals gather, release statement on expansion of Sime Darby and Golden Veroleum Plantations

2012-12-03 | Sustainable Development Institute
BankTrack news BankTrack blog Partner news Partner blog

Uncertain Futures. The impacts of Sime Darby on communities in Liberia

2012-08-20 | World Rainforest Movement
private BankTrack news BankTrack blog Partner news Partner blog

Liberia land deals with foreign firms 'could sow seeds of conflict'

2012-02-29 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

IOI Corp responds to RSPO suspension

2011-04-07 | The Edge Malaysia
Resources
Documents
Links
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
2016-11-01 00:00:00

Sime Darby: Liberian Crossroads

NGO document
2016-11-01 00:00:00
2016-11-26 00:00:00

Factsheet: Sime Darby's landgrabbing in Indonesia

How Sime Darby’s landgrabbing overshadows its green image
NGO document
2016-11-26 00:00:00 | TuK Indonesia
2017-01-31 00:00:00

Sime Darby urged to resolve long-standing land rights conflict before stock exchange listing of its plantation division

NGO document
2017-01-31 00:00:00 | RAN, TuK & Profundo
2015-06-15 00:00:00

EU Investors, Land Grabs and Deforestation: Case-Studies

Briefing note
NGO document
2015-06-15 00:00:00 | Fern
2014-09-23 00:00:00

The Green Tigers

Which Southeast Asian Companies Will Prosper in the New Age of Forest Conservation?
NGO document
2014-09-23 00:00:00 | Forest Heroes
2014-08-19 00:00:00

Managing Environmental Impact

International Experience and Lessons in Risk Management for Overseas Investments
NGO document
2014-08-19 00:00:00 | WRI
2014-07-14 00:00:00

YEARS of INVESTING DANGEROUSLY Dimensional Fund Advisors’ Ties to Palm Oil

NGO document
2014-07-14 00:00:00
2014-07-08 00:00:00

Sustainable_Palm_Oil_Manifesto.pdf

Company document
2014-07-08 00:00:00
2014-06-13 00:00:00

Malaysian Overseas Foreign Direct Investment in oil palm land bank

NGO document
2014-06-13 00:00:00 | AidEnvironment
2014-01-01 00:00:00

Sustainability Report 2013

Annual report
2014-01-01 00:00:00 | Sime Darby
2014-01-01 00:00:00

Annual Report 2013

Annual report
2014-01-01 00:00:00
2013-08-14 00:00:00

Oil palm plantations in Afrcia: past, present and future scenarios

NGO document
2013-08-14 00:00:00 | Ricardo Carrere / World Rainforest Movement
2013-06-24 00:00:00

Sime Darby and land grabs in Liberia

Fact Sheet
NGO document
2013-06-24 00:00:00 | FOE International
2013-06-18 00:00:00

The financing of Sime Darby by European financial institutions

NGO document
2013-06-18 00:00:00 | Profundo for FoE Europe
2013-04-17 00:00:00

French banks financing land grabs

NGO document
2013-04-17 00:00:00 | Friends of the Earth Europe
2013-02-01 00:00:00

SEEDS OF DESTRUCTION

NGO document
2013-02-01 00:00:00 | The Rainforest Foundation
2013-01-01 00:00:00

Annual Report 2013

Annual report
2013-01-01 00:00:00 | Sime Darby
2012-12-31 00:00:00

Annual Report 2012

Annual report
2012-12-31 00:00:00 | Sime Darby
2012-12-01 00:00:00

Human rights-based analysisof the agricultural concessionagreements betweenSime DarbyandGolden Veroleumand theGovernment of Liberia

NGO document
2012-12-01 00:00:00 | Forest Peoples Programme
2012-11-01 00:00:00

RSPO re-complaint against PT MAS

The first complaint was filed in 2007, but at the time the RSPO did not yet have a complaints mechanism
Other document
2012-11-01 00:00:00 | RSPO
2012-10-29 00:00:00

GREENPEACE SCORECARD ON PALM OIL PRODUCERS - Full Table of Company Responses

NGO document
2012-10-29 00:00:00 | Greenpeace
2012-10-01 00:00:00

Scorecard on Palm Oil producers

NGO document
2012-10-01 00:00:00 | Greenpeace
2012-09-14 00:00:00

Palm Oil's new frontier

How industrial expansion threatens Africa's rainforests
NGO document
2012-09-14 00:00:00 | Greenpeace
2012-08-20 00:00:00

Uncertain Futures: The Impact of Sime Darby on communities in Liberia

NGO document
2012-08-20 00:00:00 | World Rainforest Movement
2008-04-30 00:00:00

Burning up Borneo

How Unilever palm oil suppliers are Burning up Borneo
NGO document
2008-04-30 00:00:00 | Greenpeace

Sime Darby and Landgrabs in Liberia

Sime Darby CSR Website

Sime Darby and the RSPO

Updates

2016

2016-11-08 00:00:00 | Press Conference at the RSPO

At a press conference in Bangkok, during the yearly meeting of the RSPO, indigenous community leaders from the Kerunang-Entapang villages, West Kalimantan, urged Sime Darby to solve its open RSPO complaint. The communities complained that they have submitted a proposal for solution to Sime Darby in May 2015, to which Sime Darby has still not responded.

Send feedback on this profile
Sections
Banks Policies Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature Banks and Pandemics
Our projects
Tracking the NZBA Banks and Putin's war in Ukraine Tracking the Equator Principles Tracking the PRBs Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Tel: +31 24 324 9220
Contact@banktrack.org
Donate Mailing list Facebook Twitter
©2022 BankTrack
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted