ANZ seeks 100% control of Cambodia operations months after allegations surfaced that ANZ Royal helped finance a sugar refinery linked to forced evictions

Get RSS feed of these results

All components of this story

Article
25 March 2014

ANZ Seeks 100 Percent Control of Cambodia Operations

Author: Joahua Wilwohl, Cambodia Daily

…“ANZ would prefer to completely own 100 percent of its operations in Cambodia,” said ANZ Royal CEO Grant Knuckey. In order to own its bank in Cambodia outright, ANZ could either buy out Royal Group…or offload its shares and open a new bank...Mr. Knuckey’s comments follow a report…stating that ANZ wants to offload its majority stake in its Cambodia operations…[The] report went on to say that “partial stakes in Asian banks could be problematic because ANZ received only a portion of profits but had 100 percent of its reputation invested in the holdings.”…The report comes two months after allegations surfaced…that ANZ Royal had helped finance a refinery on a controversial sugar plantation in Kompong Speu—owned by CPP Senator Ly Yong Phat—that led to the forced eviction of hundreds of families...

Read the full post here

Article
23 January 2014

ANZ ethics under scrutiny over Cambodian sugar plantation loan

Author: Richard Baker & Nick McKenzie, Sydney Morning Herald (Australia)

...ANZ is financing a Cambodian sugar plantation that has involved child labour, military-backed land grabs, forced evictions and food shortages. ANZ's support of the Phnom Penh Sugar Company's plantation is disclosed in confidential audits that reveal the project is beset by a series of social and environmental problems. The revelation raises serious questions over the bank's due diligence process and its compliance with a global ethical banking code it is a signatory to, as well as its own policies. Senior ANZ executives…met representatives of the more than 1000 families forcibly removed from their homes….An ANZ spokesman said...the bank was monitoring the situation in Cambodia and had...requested PP Sugar to engage with affected communities in order to resolve problems…[refers to ANZ Royal, Intl. Environmental Management]

Read the full post here

Article
23 January 2014

Phnom Penh Sugar responds to questions [Cambodia]

Author: Sydney Morning Herald (Australia)

…The allegations are not accurate and have greatly oversimplified the actual process. The land in question was hardly developed and without an apparent community before we have obtained the rights for the plantation…When the protests got feistier and violent, our properties were practically burnt down to the ground. That was when a security unit was called in, not by us but the local provincial authority…Fingerprints of the local folks, upon receiving the compensations, prove that they are satisfied with the arrangements…It is too much of a fantasy to figure that people needed to be fed, or they would starve to death. It may be true in certain parts of Africa but not in Cambodia…Any direct application of child labour, previously put in force by the families themselves, is strictly prohibited and stopped. However, we can't transform long tradition of families tagging along their under-age children…

Read the full post here