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Sinar MasIndonesia
Sectors: agriculture - palm oil, forestry - pulp and paper
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BankTrack & Mandy Haggith – Environmental Paper Network
Created before Nov 2016
Last update: 2016-09-22 10:46:20
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About Sinar Mas
Sinar Mas Group is one of the largest conglomerates in Indonesia. Its main activities are in the Palm Oil and Pulp and Paper sectors, operating as well in Real Estate, Financial Services, Agribusiness, Telecommunications and Mining. The company was founded in 1962 by the Chinese Indonesian tycoon, Eka Tjipta Widjaja.
| Headquarters |
Sinar Mas Land Plaza, Tower 2, 33/F, Jalan M.H. Thamrin 51
10350 Jakarta Pusat
Indonesia
|
| CEO/chair |
Eka Tjipta Widjaja Founder and Chairman |
| Website | http://www.sinarmas.com/en/ |
| Ownership |
The company is owned by Eka Tjipta Widjaja. |
| Subsidiaries |
Asia Pulp and Paper – Indonesia (profile)
Golden Agri – Singapore (profile) PT Sinar Kencana Inti Perkasa – Indonesia PT Smart – Indonesia |
Headquarters location
Issues
Environmental issues
Its subsidiaries APP, Golden Agri and PT SMART have been accused of involvement in large scale deforestation.
Human rights
Its subsidiaries APP, Golden Agri and PT SMART have been accused of involvement in several conflicts with local communities. PT Sinar Kencana Inti Perkasa, which started operating in West Papua in 1994, has been in conflict with the Kaureh-Yapsi people over landgrabbing issues ever since.
Other issues
In December 2009, Unilever ended its contracts with Sinar Mas, after the release of the Greenpeace reports Burning up Borneo and Illegal Forest Clearance and RSPO Greenwash. Others, like Mars, Nestlé and Burger King followed soon.
In 2010, after the publication of the report Pulping the Planet, other large multinational groups like Carrefour, Gucci, H&M, Hugo Boss, Volkswagen, Fuji Xerox, Ricoh, Sainsbury’s, Marks & Spencer and Tesco also ended their contracts with Sinar Mas. In 2011 HSBC and BNP Paribas divested from Sinar Mas, after pressure from Greenpeace.
In 2014, Sinar Mas was accused of defrauding the Indonesian government of USD15 million by avoiding reforestation taxes on 2,000 hectares in Jambi province.
Governance
Updates
Sinar Mas prepares to launch pulp mill this year
Sinar Mas is set to commence the operation of one of the world's largest pulp mills. The new pulp and paper mill will occupy 1,700 hectares of land in a downtown area of Ogan Komering Ilir (OKI). The mill is set for operation in October 2016 to produce two million tons of pulp each year (source: The Jakarta Post).
Financiers
banks
Bank Permata
banks
Debt – corporate loan
PT KDA seems to have developed its plantation in Jambi with credit from Bank Permata
source:
link
IPO underwriter
June 2009
for its palm oil segment
source:
link
See the finance tabs of its subsidiaries APP and Golden Agri for more information.
Related projects
Projects
There are no projects active for Sinar Mas now.
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