15th Feb 2016 10:26
LONDON (Alliance News) - United Cacao Ltd SEZC on Monday said a court ruling in Peru has been affirmed and said it has reached a settlement in Germany.
The cacao plantation owner said the Federal Supreme Court of Peru in January re-affirmed the Loreto Superior Court of Appeals' ruling handed down in March 2015, which confirmed the environmental permitting and agricultural zoning of United Cacao's freehold properties in the country.
In addition, the company outlined the terms of a settlement reached in Germany with environmental charity Rettet den Regenwald EV, which had made accusations about United Cacao's conduct in Peru. Under the terms of the settlement, Rettet den Regenwald will pay monetary compensation to United Cacao and will immediately publish clarification statements on its website and on Twitter for defamatory comments which had been posted about the company.
United Cacao said it will donate the monetary damages it receives from Rettet den Regenwald towards social programmes for youth education and women's health initiatives in Peru. It didn't say how much that compensation will be.
Shares in United Cacao were up 3.4% to 98.25 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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