Seoul, December 12, 2019 – Korean Transnational Corporations Watch (KTNC Watch), Yayasan Pusaka (Indonesia), WALHI Papua (Indonesia), and SKP KAMe (Indonesia), filed a complaint at Korea’s National Contact Point (NCP) for the OECD (Organization for Economic Cooperation and Development) against POSCO International and two Korean public financial institutions, the Korean National Pension Service (NPS) and the Export-Import Bank of Korea (KEXIM).
The complaint concerns POSCO International, the controlling owner, and the NPS and KEXIM, the financers of POSCO International. The complaint is related to the adverse impacts caused by the operation of the palm oil company PT. Bio Inti Agrindo (PT. BIA), a subsidiary of POSCO International in Papua, Indonesia. The adverse impacts include large-scale deforestation of tropical rainforest and loss of biodiversity; failure to implement Free, Prior and Informed Consent (FPIC) with the customary owners of the land in the process of developing the plantation; and violation of local residents’ right to water by degrading the Bian River water quality.
※You can download the full report here