MARKET DEVELOPMENT
Liberia: GVL Reacts to LEITI
Liberia: GVL Reacts to LEITI
06/08/2013 (AllAfrica.com) - Golden Veroleum Liberia Incorporated, otherwise known as GVL has sharply reacted to the Liberia Extractive Industry Transparency Initiative (LEITI) recent report in which it revealed that the Moore Stephens Audit of Concessionaires identify the company as one of the 66 concession agreements that did not meet standard. But in reaction, GVL averred that he audit report has not been published and has not been made available to it.
The Palm Oil production company maintains that it is a privately owned company committed to long-term investment in the production of sustainable palm oil, adding its investment is one of the largest-ever direct foreign investments in Liberia which aims to play a key role in Liberia's economic revitalization. In 2005, the Liberian Government sought expressions of interest to take over some existing typically small agriculture concessions. Responding to the proposal in keeping with the Government of Liberia (GOL)'s broader interest in large scale operations, GVL proposed a more significant undertaking with far greater benefits to the people of Liberia.
By 2010, GOL awarded GVL a 65 year concession contract to operate in five counties situated in South Eastern Liberia- one of the poorest and most inaccessible parts of the country. The concession was granted under applicable sole-source provisions of the Public Procurement and Concessions Commission (PPCC) law of the Republic of Liberia. The GVL concession was rectified by the 52nd National legislature. Similar process was applied to a number of other concession agreements that were signed in time past, owing to their sizes and scope. In our case, over the next 24 years, we propose planting 500,000 acres of oil palm and to support the development of a further 100,000 acres to be set-aside for local Liberian farmers.
This has the potential to directly employ 40,000 citizens whilst developing infrastructure, furthering healthcare and improving education in our areas of operation. The company says, it anticipates the result of Moore Stephens' audit report, once officially published. In the interim, GVL has expressed full support to the audit process as initiated by the government, adding that it is demonstrative of a wider commitment to drive forward the interests of the Liberian people by adopting international best practice in transparency and governance, and will enhance the process of forging links with the global economy.
GVL is developing 600,000 acres of modern company and small holder oil palm in South-Eastern Liberian counties. The company is expected to provide over 35,000 permanent, skilled jobs when fully developed. It will also build manufacturing and value-added industries and create a vibrant and substantial new economic sector in counties of operation. All land for development is selected by local communities, respecting community lands, needs, traditions and farmers. GVL believes that sustainable palm oil development will be the central pillar in rebuilding Liberia's rural economy, reducing poverty through sound, environmentally sustainable business. The company has already employed a little over 2,000 people in permanent jobs in Sinoe and Grand Kru counties
The Palm Oil production company maintains that it is a privately owned company committed to long-term investment in the production of sustainable palm oil, adding its investment is one of the largest-ever direct foreign investments in Liberia which aims to play a key role in Liberia's economic revitalization. In 2005, the Liberian Government sought expressions of interest to take over some existing typically small agriculture concessions. Responding to the proposal in keeping with the Government of Liberia (GOL)'s broader interest in large scale operations, GVL proposed a more significant undertaking with far greater benefits to the people of Liberia.
By 2010, GOL awarded GVL a 65 year concession contract to operate in five counties situated in South Eastern Liberia- one of the poorest and most inaccessible parts of the country. The concession was granted under applicable sole-source provisions of the Public Procurement and Concessions Commission (PPCC) law of the Republic of Liberia. The GVL concession was rectified by the 52nd National legislature. Similar process was applied to a number of other concession agreements that were signed in time past, owing to their sizes and scope. In our case, over the next 24 years, we propose planting 500,000 acres of oil palm and to support the development of a further 100,000 acres to be set-aside for local Liberian farmers.
This has the potential to directly employ 40,000 citizens whilst developing infrastructure, furthering healthcare and improving education in our areas of operation. The company says, it anticipates the result of Moore Stephens' audit report, once officially published. In the interim, GVL has expressed full support to the audit process as initiated by the government, adding that it is demonstrative of a wider commitment to drive forward the interests of the Liberian people by adopting international best practice in transparency and governance, and will enhance the process of forging links with the global economy.
GVL is developing 600,000 acres of modern company and small holder oil palm in South-Eastern Liberian counties. The company is expected to provide over 35,000 permanent, skilled jobs when fully developed. It will also build manufacturing and value-added industries and create a vibrant and substantial new economic sector in counties of operation. All land for development is selected by local communities, respecting community lands, needs, traditions and farmers. GVL believes that sustainable palm oil development will be the central pillar in rebuilding Liberia's rural economy, reducing poverty through sound, environmentally sustainable business. The company has already employed a little over 2,000 people in permanent jobs in Sinoe and Grand Kru counties