Banktrack – Citigroup cancels financing of Indonesian food giant Indofood over palm oil labor abuses

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Citigroup has canceled all financing to Indonesian food giant and agribusiness company Indofood (INDF:IJ) following the company’s ousting from the leading palm oil certification scheme, the Roundtable on Sustainable Palm Oil (RSPO). Indofood’s palm oil subsidiaries were dropped from the RSPO after failing to address over 20 violations of the RSPO standard, as well as 10 violations of Indonesian labor law, both of which were found on Indofood-owned palm oil plantations.

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