2008-01-21 | Additional fines raise doubts if investors were properly informed on risks related to Samling’s logging operations – Samling shares fall to all-time low
Several logging companies are being collectively fined 275 million Guyana Dollars (1.35 million US Dollars) for breaches of Guyana’s forest regulations, newspapers in the South American state have reported over the weekend. Barama Company Limited, the Malaysian Samling group’s wholly-owned subsidiary, is once again among the companies in breach of Guyana’s forest laws. The exact amount of the fine imposed on Samling has not been revealed.
With two logging concessions over 1.65 million hectares of tropical rainforest, Barama is the largest forest concession holder in Guyana. In October 2007, additional “harvesting rights” claimed by Barama over an additional 230’000 hectares were found to be against the law and suspended with immediate effect. At the time, the Samling subsidiary was fined with a penalty of 96.4 million Guyana Dollars (474’000 US Dollars).
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