‘We got completely played for suckers,’ MP says of recent takeovers in Canadian forestry

By Zach Dubinsky and Elizabeth Thompson
CBC News
November 22, 2024
Category: Business & Politics
Region: Canada

Charlie Angus

Opposition MPs are expressing concern that after buying up two major Canadian companies, the foreign owner of one of Canada’s biggest forestry businesses is formally taking over an Indonesian-Chinese pulp and paper conglomerate from his family — a company he has long denied operating in tandem with. A half-page notice published by the European Union on Monday states that Jackson Wijaya, owner of Paper Excellence, is acquiring “sole control” of Asia Pulp & Paper from his father, Teguh Ganda Wijaya. CBC emailed Paper Excellence with questions on Thursday, but the company did not immediately respond. Shortly after this story was published on Friday, a Paper Excellence spokesperson confirmed the ownership transfer of APP, writing in an email that the latest development represents “normal course succession planning” by the senior Wijaya. …”We got completely played for suckers by a very dubious company,” Charlie Angus, the NDP critic for natural resources, said in reaction to this week’s announcement.

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