Investigation uncovers billionaire's connection to anonymous company demolishing fragile natural area: 'Destroying such [View all]

Investigation uncovers billionaire's connection to anonymous company demolishing fragile natural area: 'Destroying such vast tracts of tropical forest'

There are greenwashing parallels that exist between Indonesia's Tanoto and many Western billionaires and megacorporations.

By Jeremiah BudinApril 22, 2024



On the island of Borneo, a forested area roughly half the size of Singapore is gone. But who is responsible for having removed it? That answer proved more elusive than one might expect.

What is happening?
An Indonesian company called PT Mayawana Persada has deforested an area of Borneo spanning over 100 square miles, and it had proved more difficult than anticipated to figure out who was behind this environmentally destructive company.

However, researchers were able to trace it through a "chain of holding companies" to Royal Golden Eagle Group — one of Asia's largest resource conglomerates — owned by Indonesian billionaire Sukanto Tanoto.

"This complex corporate structure, in effect, hides the ultimate beneficial owner(s) of the company and can shield them from the legal and reputational risks of destroying such vast tracts of tropical forest," said Arie Rompas of Greenpeace Indonesia.

Why is this concerning?
Deforestation is an incredibly destructive practice. It destroys entire ecosystems and leaves the living things that depend on them to die, as well as ruining the livelihoods of local Indigenous peoples.

More:
https://www.thecooldown.com/green-business/pt-mayawana-persada-deforestation-borneo/