Liberia’s largest palm oil project lays off 443 employees

By Reuters|

  • Golden Veroleum is owned by the US-based Verdant Fund LP, whose sole investor is Singapore-listed palm oil giant Golden Agri-Resources.
  • Golden Veroleum spokesman Alphonso Kofi told Reuters that the staff being laid off included managers.
  • Instead of closing down the company, the company has deemed it necessary to reduce the workforce.

Liberia’s largest palm oil company, Golden Veroleum, has laid off 443 employees, more than 10% of its workforce, due to persistently low prices and the economic fallout from the coronavirus pandemic, a company spokesman said on Saturday.

Golden Veroleum is owned by the US-based Verdant Fund LP, whose sole investor is Singapore-listed palm oil giant Golden Agri-Resources, the world’s second-largest palm oil plantation company.

Golden Veroleum spokesman Alphonso Kofi told Reuters that the staff being laid off included managers.

“Instead of closing down the company, the company has deemed it necessary to reduce the workforce. The previous number (of layoffs) was 1,200 but was trimmed after a series of negotiations with the government,” Kofi said.

Coronavirus-driven lockdowns in many countries sent benchmark crude palm oil to near 10-month lows this week, and industry officials warned that producers could be forced to make painful cost cuts.

Credit: www.brecorder.com

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About Cholo Brooks 12218 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.