FMU holder says it complies with relevant laws, practices

KOTA KINABALU: Priceworth International Berhad (previously known as Priceworth Wood Products Berhad), an investment holding company based in Sandakan, has issued a statement on the state government's Special Task Force's recent inspection of timber operations in Sabah.

“Following news reports in the wake of the Special Task Force's recent inspections of timber operations in Sabah, we would like to state that Priceworth has always striven to meet the Sabah Forestry Department's (SFD) high standards in all its operational undertakings, said its executive director, Richard Koo, in a statement yesterday.

According to Koo, Priceworth has always ensured that it has fully complied with the relevant laws and practices that apply to all our Forest Management Units (FMU) including FMU5.

“As determined by SFD, Priceworth has only harvested according to what is permitted under the approved Forest Management Plan for FMU5. Strict conditions have been imposed on any movements of harvested logs, which we observe in our operations, and have remedied whenever we have discovered any lapses,” he added.

“Moreover, we have provided a performance bond to SFD as interim security for the transit of harvested logs being sent for the proper assessment of royalties to be paid. We wish to state that we have duly paid all royalties for FMU5,” Koo said.