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Citigroup praised by environmental groups

Date: 2 Mar 2005

Citigroup has been praised by a range of campaign groups for its active engagement on issues of illegal logging and forest destruction.

Citigroup has said that Malaysian logging company Rimbunan Hijau will be required to comply with the bank's environmental policies. In particular, it will need to obtain credible, independent third party certification for its operations in Papua New Guinea.

Rimbunan Hijau has said that environmentalist accusations against the company are "baseless, frivolous and vexatious". Group company secretary JK Balasubramaniam said: "It is inconceivable that a large multi-national like Rimbunan Hijau Group would want to engage in illegal logging worldwide and able to operate with impunity with total disregard of the wellbeing of the citizen of the country."

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