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Malaysian timber firm fined for illegal rainforest logging in Guyana mongabay.com January 21, 2008
According to Staebroek News, several logging companies are being collectively fined 275 million Guyana Dollars (1.35 million US Dollars). Samling subsidiaries have previously been fined for non-compliance with Guyana's forestry laws, including a $474,000 penalty in October 2007. Bruno Manser Fonds, a Switzerland-based environmental, says the continued breaches "raise the question if Samling has purposely misled investors on the risks related to purchasing the company's shares." Shares of Samling Global fell 7.5 percent to 1.23 in trading Monday on the Hong Kong stock exchange. Shares are down 41 percent since Samling's IPO in March 2007, and 65 percent off the all-time high reached in July 2007. Earlier this month Guyana awarded nearly 1 million acres of rainforest to Simon & Shock International, a timber company based in South Haven, Michigan. In November, Guyana's president Bharrat Jagdeo said he would ban logging and development of the South American country's forests in exchange for carbon credits. News index | RSS | Add to MyYahoo! Advertisements: Organic Apparel from Patagonia | Insect-repelling clothing |
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