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Citigroup Cancels Loans to Indofood following labour and environmental violations

by Futures Centre, May 16
1 minute read

Citigroup has canceled its loans to Indofood Agri Resources and its subsidiaries. Citigroup is exiting its overall relationship with Indofood other than specific financial relationships not related to palm oil ingredients. 

palm plantation

Three recent reports have documented labour and environmental violations by Indofood and companies related to Anthoni Salim, who with his family owns 44 percent of First Pacific, which owns 74 percent of Indofood.

Citigroup now joins other financial institutions like the Norwegian Government Pension Fund Global in cutting ties with Indofood. In 2016, the Norwegian Government Pension Fund Global sold its position in Indofood over deforestation related risks.

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