10th Sep 2015 13:16
LONDON (Alliance News) - GCM Resources PLC said Thursday that the Organisation for Economic Cooperation and Development process, which started in December 2012, has come to close and GCM has been exonerated.
Shares in the stock jumped following the news, rising 26% to 11.00 pence Thursday afternoon.
In December 2012, activist groups lodged a complaint against GCM Resources alleging it had breached the OECD guidelines for multinational companies with its plans for the developing the Phulbari coal project in Bangladesh.
In November last year the company said that the OECD's investigation had been finalised and realised, with a majority of rulings in the company's favour.
The UK National Contact Point of the OECD Thursday published a follow-up statement, which completes the final stage of the process. In its report the NCP advised that there was no changes to its findings, and there was no basis to find the company's actions either inadequate or inappropriate.
The company reconfirmed its commitment to developing the project in accordance with the highest international and national social and environmental standards, including the OECD Guidelines for Multinational Enterprises.
"We are pleased that the OECD process, which started in December 2012, has come to a close and has seen GCM exonerated. We recognise that the Phulbari Coal Project is an important asset for Bangladesh, and it is essential that its development delivers substantial social and economic benefits to all stakeholders, especially the local community where the Project is based," said Executive Chairman Michael Tang in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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