FGV shares down 7% after US customs detention order

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The company’s shares fell eight sen to RM1.07.KUALA LUMPUR: Shares in FGV Holdings Bhd dropped by 6.95% today, following the detention order on its palm oil and products issued by the US Customs and Border Protection (CBP).At 10.11am, its shares fell eight sen to RM1.07 with 14.04 million shares transacted.The counter opened at RM1.13 compared with yesterday’s close of RM1.15.The CBP said effective Sept 30, all US ports would detain palm oil and palm oil products made by the company, its unit and joint ventures.The issuance of a withhold release order against FGV was made based on the alleged use of forced labour by the company.The order, according to CBP, was the result of a year-long investigation that allegedly revealed forced labour indicators, including abuse of vulnerability, deception, restriction of movement and isolation.In response to CBP’s claim, FGV said it has tak…