Sok Xing & Hwang provides expert assistance in investigation of IFC Performance Standards for investment in Malaysia
Sok Xing & Hwang was engaged by the Office of the Compliance Advisor/Ombudsman (CAO) of the World Bank Group to provide expert assistance in an investigation related to an IFC investment in Malaysia.
On 6 June 2018, CAO completed the compliance investigation related to an investment by the International Finance Corporation (IFC) in Bilt Paper B.V. IFC’s investment was structured as a US$100 million equity investment, and loans of up to $150 million. The investigation found shortcomings with IFC’s review and supervision under the requirements of Performance Standard 2 on Labor and Working Conditions. Sok Xing & Hwang’s support for the investigation was led by Hans S. Hwang, Senior Director of Sok Xing & Hwang.
Sok Xing & Hwang serves on the expert panel for CAO investigations regarding IFC Performance Standards. The CAO is the independent recourse mechanism for the IFC and the Multilateral Investment Guarantee Agency (MIGA), the private sector arms of the World Bank Group. CAO oversees investigations of IFC/MIGA’s environmental and social performance, particularly in relation to sensitive projects, to ensure compliance with policies, standards, guidelines, procedures and conditions for IFC/MIGA involvement.
A summary of the findings and investigation report is available at: http://www.cao-ombudsman.org/cases/case_detail.aspx?id=238