The Asian Development Bank (ADB) Monday lent US$ 30 mn towards uplifting the productivity and financial viability of the plantation sector.
Around US$ 10 mn of this would go towards setting up a Plantation Development Fund to invest in convertible debt and equity instruments of plantation companies.rn
rnPlantation companies will be eligible for the balance US$ 20 mn to raise the social standards of 265,000 estate workers, on condition that they lower their management fees.rn
rnDespite plantation companies reporting a loss in 2001, management companies paid themselves around Rs. 900 mn by way of management fees.
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rnSince taking over the management of the plantations and recouping investments through dividends, companies also charge a management fee. The formula ranges from a percentage on a companys turnover to a slice on the green leaf intake.
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rnIncidentally, the management fees itself are not regulated. This system is also open for manipulation, since fees are slapped at the discretion of t