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28 Apr 2017

Society for Threatened Peoples

Society for Threatened Peoples files OECD complaint against Credit Suisse at the OECD National Contact Point (NCP) Switzerland

The North Dakota Access Pipeline (DAPL) in the United States has generated massive protest over several months because it threatens the local indigenous communities’ main drinking water source and a leak of the pipeline may affect 17 million people downstream. Moreover, important cultural sites will be destructed. The indigenous communities have not adequately been involved in the project...in breach with UNDRIP [UN Declaration on Rights of Indigenous Peoples]. Furthermore, an ample Environmental Impact Assessment (EIA) was cancelled. For these and other reasons, UN Special Rapporteurs have heavily criticized the project and urged to halt it. Consequently, numerous financial institutions have divested from DAPL, expressed their concerns or publicly distanced themselves from the project. 

Despite growing awareness and criticism of DAPL, Credit Suisse has increased even further its business relations with DAPL-related companies Entergy Transfer Partners L.P (ETP), Energy Transfer Equity L.P. (ETE) and Sunoco L.P. Credit Suisse plays a leading role in financing and advising these companies and is a significant investor in their shares. Especially critical are the services and products provided by Credit Suisse after December 2016... STP files [today] a complaint at the OCED National Contact Point of Switzerland against Credit Suisse. It contains mainly the following allegations: First, Credit Suisse is in breach with the principle to carry out risk-based and human rights due diligence... Second, Credit Suisse as a key bank in providing funding and financial advice to DAPL-related companies, as well as a significant investor in shares of these companies, failed to actively encourage its investees to prevent or mitigate adverse impacts of the project...

Part of the following stories

Credit Suisse faces OECD Guidelines complaint in Switzerland over financing for Dakota Access Pipeline owners in USA, concerns over indigenous rights

Energy Transfer lawsuit (re Dakota Access Pipeline, USA)