Please note: you are viewing an old version of this deal. The current version can be found here: Deal #1999

Deal #1999 Version #56541

Congo, Dem. Rep.

Created at

2013-02-15

Last update

2014-10-30

Last full update

2024-03-04

Land area

Intended size

107 892 ha

Size under contract (leased or purchased area)

[2009, current] 107892.0 ha

Size in operation (production)

[2012, current] 17854.0 ha

Comment on land area

55000ha available for planting. Feronia acquired these plantations by buying 76% of Plantations et Huileries du Congo (PHC, registered in DR Congo). Feronia purchased these shares from Unilever.

Intention of investment

[current] Agriculture unspecified

Nature of the deal

Lease

Negotiation status

[2009, current] Concluded (Contract signed)

Comment on negotiation status

Feronia acquired these plantations by buying 76% of Plantations et Huileries du Congo (PHC, registered in DR Congo). Feronia purchased these shares from Unilever. The land sold by Unilever was overvalued by $6.7 million. Feronia Inc has accumulated losses since the deal. However, directors and managers of Feronia Inc. continue to get paid large amounts. The losses of Feronia Inc are absorbed by the DRC government, being shareholders of the project.

Implementation status

[2009, current] In operation (production)

Comment on implementation status

Started as PHC in 1911. Bought from Unilever in 2009

Leasing fees

Comment on leasing fee

Feronia Inc. refuses to pay revenue taxes, claiming it qualifies for the tax holiday offered by the DRC government.