BAT: More drastic actions needed to stop tobacco black market

market,” he said.

He further explained that MSPO was launched in 2015 and one of the key principles highlighted is the management of oil palm cultivation through best agricultural practices in accordance with the national law.

“The advantage of the MSPO is that it will leverage and grow the industry itself, making Malaysian palm oil the international choice. It is a government-funded certification scheme to ensure that industry players including smallholders comply with the requirements set out to produce sustainable palm oil.

“MSPO certification can also increase awareness of environmental protection. As of June 4, 2020, statistics show 82.28 per cent of oil palm farms and 88 per cent of oil palm factories nationwide now have MSPO certificate,” he said.

KUALA LUMPUR: British American Tobacco (Malaysia) Bhd has urged the public, including its shareholders, to play a more proactive role in speaking up against the tobacco black market due to its severe impact on the economy.

BAT Malaysia managing director Jonathan Reed said the tobacco black market continued to grow last year despite the various initiatives undertaken by the government and this would halt the nation’s economic recovery and growth.

“This has forced the company to aggressively manage our cost base in order to deliver shareholder value, (but) this is not sustainable in the long term.

“To effectively stop the black market, more drastic and radical actions are required.

“We believe that if we band together and bring it to light, the government and policymakers will listen and take definitive action to combat this problem once and for all,” he said in a statement released after the conclusion of the company’s 59th Annual General Meeting yesterday.

Reed said legal players like BAT are vital to the nation’s economic recovery and growth as it contributes valuable tax revenues that can be used towards rebuilding and reigniting the economy postCovid-19 crisis.

He said for the 2020 financial year, BAT Malaysia’s growth strategy would be dependent on the recovery of the legal tobacco market, a regulated nicotine landscape, sensible fiscal policies and a resolution to the affordability issues affecting consumers. — Bernama