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7 Jun 2023

Indonesia: Moorim P&P suspends pulpwood plantation project following CSOs & FSC concerns over deforestation and violation of indigenous rights

On June 2 2023, Moorim P&P, a South Korean pulp and paper company, announced that it will suspend further investment into its pulpwood plantation project in Papua, Indonesia. Previously, a coalition of six civil society organizations (CSOs) had reported Moorim P&P's project impacted the lives of Indigenous communities in the area without adequate community consultation and prior assessment. The CSOs raised this issue with the Forest Stewardship Council (FSC), which requested Moorim P&P to suspend their project.

Moorim P&P's response to the initial allegations is included in the report. Business & Human Rights Resource Centre also approached ten financial institutions identified as investors of Moorim P&P in April and August of 2022. No official response has been received from the investors.

Company Responses

KB Financial Group

No Response

Samsung Life Insurance

No Response

Hanhwa Asset Management

No Response

Mirae Asset Management

No Response

Korea Investment Holdings

No Response

NongHyup Financial Group

No Response

Shinhan Financial Group

No Response

DB Financial Investment

No Response

BNK Financial Investment

No Response

Daishin Securities

No Response

Timeline