LONDON: In a landmark case in the UK courts, a luxury yacht firm has been handed stiff penalties for using ‘blood’ teak imported from Myanmar on some of the vessels it builds. Sunseeker International Ltd – self-styled as “the world’s leading brand for luxury motor yachts” – is based in Poole, Dorset. Sitting at Bournemouth […]
The Ferretti Group, an Italian superyacht builder which boasts of using “the best quality standard of Burmese teak for teak decking”, is seeking new investment to bolster its business by going public, despite being accused of breaching EU law on the importation of what’s called ‘the king of woods’
Despite EU sanctions, cash-hungry Myanmar military offers to accept Euros in upcoming teak auction.
Despite trade sanctions imposed in June to ban imports of Myanmar teak into Europe, more than 300 tonnes of the ‘king of woods’ worth well over €2 million has since entered into Italy, the London-based Environmental Investigation Agency (EIA) can reveal
Myanmar’s violent military junta is tomorrow (16 September) poised to hold one of two massive auctions of illicit timber to replenish its coffers; the second is due to take place on 30 September.
Traders are paying to ship illicit Myanmar teak into Europe via the back door, skirting import rules to get their hands on the valuable timber for high-paying clients