Campaign case study: Asian Pulp & Paper’s backers take heat for its actions
Author: Sophie Holtham, Reputation Impact, in Ethical Corporation Magazine, Published on: 20 August 2002
Asia Pulp & Paper (APP), Indonesia's largest pulp and paper producer, has rarely faced direct challenges from NGOs. Instead it is the banks that fund the company that are targets for attack...Over 300 international financial bodies are identified by Friends of the Earth as providing and guaranteeing APP's assets. Investment banks such as Merrill Lynch, Morgan Stanley, Goldman Sachs, JP Morgan [part of JPMorgan Chase], ABN Amro, Barclays Bank and NatWest were all fundamental in issuing bonds that kept the company afloat...The banks' reactions to these claims is mixed...The most sympathetic of the banks has been ABN Amro, which has subscribed to the investment criteria put forward by NGOs since its deal with APP...Others have been less compliant with NGO wishes. Friends of the Earth UK has set up an email campaign targeting NatWest, HSBC and Barclays.
Related companies: ABN Amro Asia Pulp & Paper (part of Sinar Mas) Barclays Goldman Sachs HSBC J.P. Morgan (part of JPMorgan Chase) JPMorgan Chase Merrill Lynch (part of Bank of America) Morgan Stanley NatWest (part of Royal Bank of Scotland)