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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In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.
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