Permaju to secure giant Sabah landbank

Permaju to secure giant Sabah landbankMalaysian industry major Permaju Holding has entered the final stages of closing a land concession deal of some 809.37 hectares of timber in the Malaysian states of Sabah and Sarawak. The concession will make the giant investment holdings company the owner of the largest land bank in Sabah.

The terms of the contract outline that the mostly virgin jungle forest will be cleared by Permaju to make way for palm oil plantations. Sources believe that proceeds from the timber concession could easily gross up to $329 million.

The awarded concession will be under a time period of between 30 and 60 years and all earnings from the felling of forests will go directly to Permaju.

The deal will likely be closed in early January. State-controlled Yayasan Sabah is in charge of awarding the concession.

Previously, Permaju owned about 129 hectares of land in Sabah.

A case of controversy

Malaysian Borneo is often hit by scandal over the logging of its rainforests, considered to be amongst the oldest in the world and home to an array of rare animal and plant species.

Last September, Sabah’s Chief Minister Musa Aman was accused of embezzling $90 million from years of logging this precious land, although all allegations were quickly derided as being politically motivated.

Malaysia’s Foreign Minister, Anifar Aman, the brother of Sabah’s Chief Minister, was also implicated in 2012 for being involved in benefiting from the lucrative timber proceeds.



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Malaysian industry major Permaju Holding has entered the final stages of closing a land concession deal of some 809.37 hectares of timber in the Malaysian states of Sabah and Sarawak. The concession will make the giant investment holdings company the owner of the largest land bank in Sabah. The terms of the contract outline that the mostly virgin jungle forest will be cleared by Permaju to make way for palm oil plantations. Sources believe that proceeds from the timber concession could easily gross up to $329 million. The awarded concession will be under a time period of between 30 and...

Permaju to secure giant Sabah landbankMalaysian industry major Permaju Holding has entered the final stages of closing a land concession deal of some 809.37 hectares of timber in the Malaysian states of Sabah and Sarawak. The concession will make the giant investment holdings company the owner of the largest land bank in Sabah.

The terms of the contract outline that the mostly virgin jungle forest will be cleared by Permaju to make way for palm oil plantations. Sources believe that proceeds from the timber concession could easily gross up to $329 million.

The awarded concession will be under a time period of between 30 and 60 years and all earnings from the felling of forests will go directly to Permaju.

The deal will likely be closed in early January. State-controlled Yayasan Sabah is in charge of awarding the concession.

Previously, Permaju owned about 129 hectares of land in Sabah.

A case of controversy

Malaysian Borneo is often hit by scandal over the logging of its rainforests, considered to be amongst the oldest in the world and home to an array of rare animal and plant species.

Last September, Sabah’s Chief Minister Musa Aman was accused of embezzling $90 million from years of logging this precious land, although all allegations were quickly derided as being politically motivated.

Malaysia’s Foreign Minister, Anifar Aman, the brother of Sabah’s Chief Minister, was also implicated in 2012 for being involved in benefiting from the lucrative timber proceeds.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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