Cargill exits palm oil in Papua New Guinea with US$175 million leaving a trail of trade union rights abuse
AFW In November 2005, Cargill announced the acquisition of palm oil operations in Indonesia and PNG through the purchase of Pacific Rim Palm Oil Limited (PRPOL), a company owned by the CDC Group (an entity for British state investment in the developing world). According to CDC’s public reports, the Group received £80.2 million (equivalent to US$141 million at 2005 exchange rates) for PRPOL. The company was bought by Cargill in a joint venture with Temasek Holdings, the Singapore government sovereign wealth fund, in which Cargill maintained a majority share (public records of the exact breakdown are not available). The name of the joint venture company was CTP Holdings. In purchasing PRPOL, Cargill gained control of approximately 55,000 hectares of palm oil plantations in Indonesia and PNG. At the time of the purchase Cargill owned one palm oil plantation in Indonesia. The purchase allowed Cargill to enter significantly into the rapidly growing and highly profitable palm oil busi