FGV expects to formalise appointment of independent auditor by Nov 2021

The FGV logo is pictured at its headquarters in Kuala Lumpur October 9, 2019. — Picture by Choo Choy May
The FGV logo is pictured at its headquarters in Kuala Lumpur October 9, 2019. — Picture by Choo Choy May

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KUALA LUMPUR, Oct 20 — FGV Holdings Bhd (FGV) has identified an independent auditor to carry out the audit work of FGV’s operations against the 11 International Labour Organization (ILO) Indicators of Forced Labour, as advised by the United States Customs and Border Protection (CBP). 

In a statement today, the plantation company said in ensuring that the scope and methodology of the audit meet the requirements and expectations of the CBP, FGV expects to formalise the appointment by next month.

The statement was in reference to a Withhold Release Order (WRO), issued by the CBP on Sept 30, 2020, against palm oil and palm oil products made by FGV and its subsidiaries and joint ventures.

“FGV has identified an independent auditor to carry out the audit work and is currently working with a US-based legal counsel to finalise the terms and conditions for the appointment.

“The company is committed to taking all the necessary steps towards lifting the WRO, including the appointment of the independent auditing firm,” it said.

The company also said that it shall make further announcements if there were any material development in respect of the matter. — Bernama

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