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Parliamentary committee passes motion to investigate ownership structure of Paper Excellence

The Parliamentary Standing Committee on Natural Resources debated on and passed a motion to investigate the ownership structure of Paper Excellence. The motion had been proposed by New Democrat MP Charlie Angus.

Paper Excellence is currently the largest wood pulp producer in Canada, following the recent acquisitions of Domtar and Resolute Forest Products.

Following the closed-door meeting, the committee took the decision to undertake a study of up to two meetings “at a time to be determined, regarding the ownership structure in the Canadian Pulp and Paper Industry specifically in relation to reports concerning the company Paper Excellence,” as per the minutes of the proceedings published on the Parliament of Canada web page.

The committee voted to invite the CEO of Paper Excellence, Jackson Wijaya, as well as Minister Francois-Philippe Champagne, Minister of Innovation, Science and Industry, and appropriate officials, as well as other relevant witnesses, to discuss the ownership structure and business relations of Paper Excellence Corporation.

The committee intends to report these findings back to Parliament.

In a statement issued by Paper Excellence earlier this year, the company had shared, “Jackson [Wijaya] operates his Paper Excellence independently. Many stakeholders and regulators – global funding institutions, regulatory bodies and certifiers, among others – have acknowledged this reality.  Paper Excellence’s acquisition of Resolute was extensively reviewed under the Investment Canada Act.

Our recent acquisitions of Domtar and Resolute were spurred certainly by undervalued businesses that we believe with meaningful investment can be improved and modernized, but equally by the rich experience and expertise of the leadership, and deep understanding of the norms and values of the markets in which they operate.

Paper Excellence is committed to conducting business in a manner that protects the environment, conserves resources, minimizes its environmental footprint and ensures sustainable development. We strictly comply with government regulations everywhere we operate in Canada, in the U.S. and in Europe.

Paper Excellence is separate and entirely independent from Asia Pulp and Paper, which is controlled by other members of the Wijaya family.”

Read the full statement shared by Paper Excellence here.