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9 August 2005

Bond issue sounds ethical alarm

Author: Megan Rowling, BBC

Environmental organisations have warned that major banks may be contravening their environmental and social policies by helping to finance controversial projects indirectly...Recently, they sounded the alarm over a US$1 billion bond sold to...

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17 August 2005

6 banks listed among top shareholders of Chinese wig firm reportedly using forced prison labour: Deutsche Bank, HSBC, ING, Merrill Lynch, Morgan Stanley, UBS

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17 August 2005

Banks buy into jail-labour firm; Six financial giants among top shareholders of China's largest wig manufacturer which uses prisoners to make its products

Author: Jamil Anderlini, South China Morning Post [Hong Kong]

Six of the world's largest financial institutions have bought shares in a Chinese wig manufacturer that could be barred from the United States, its biggest market, because it uses forced labour to make some of its products. Deutsche Bank, HSBC, ING,...

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Company response
19 August 2005

HSBC response to South China Morning Post article raising concerns about shares in the Chinese company Henan Rebecca

Author: HSBC

HSBC recognises its duty to society and to conduct our business responsibly with the highest standards of professionalism and with absolute integrity...HSBC has not purchased shares in the company mentioned in the reports to which you refer. Our...

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23 August 2005

[DOC] UBS response to South China Morning Post article raising concerns about shares in the Chinese company Henan Rebecca

Author: UBS

In May 2003 UBS was granted "Qualified Foreign Institutional Investor" (QFII) status by the China Securities Regulatory Commission. QFII permits UBS to provide their clients with direct access to China's domestic equity and debt markets. The...

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23 August 2005

[PDF] ING response to allegations of investing in a company [Henan Rebecca] reportedly using Forced labour [China]

Author: M.G.J.C. de Wolff-Janssen, Head, Corporate Responsibility, ING Group

...In this case ING has been providing market access for its clients. This means that ING buys the shares passing on the beneficial ownership to the investors. It is the investors' choice whether or not to maintain the holding or sell the shares. In...

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25 August 2005

Human Rights Site Spotlights Bank Investment in Chinese Manufacturer Linked to Forced Labor

Author: William Baue,

On August 17, 2005, the South China Morning Post, Hong-Kong's English-language newspaper, printed an article alleging that mainland China wig manufacturer Henan Rebecca Hair Products employs the forced labor of prisoners in Xuchang. The company's...

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1 September 2005
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Author: Shannon Lawrence, Environmental Defense [USA] & Sébastien Godinot, Amis de la Terre [France]

A l'occasion de l'Assemblée Générale de la Banque mondiale..., les Amis de la Terre et Environmental Defense (Etats Unis) publient un rapport mettant en évidence les reculs progressifs des normes environnementales et sociales de la Banque mondiale dans...

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6 September 2005

Legal Remedies for the Resource Curse - A Digest of Experience in Using Law to Combat Natural Resource Corruption

Author: Open Society Justice Initiative

Legal Remedies for the Resource Curse is a digest of practical experience in using law to combat corruption across jurisdictions. When resource extraction companies can obtain oil, diamonds, gold, coltan, timber, and other natural resources through...

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11 October 2005

Gay banker sues HSBC for £5m [UK]

Author: Alistair Foster, Evening Standard [UK]

Senior investment banker Peter Lewis is launching an industrial tribunal claiming he was sacked because of his sexuality...An HSBC spokesman said Mr Lewis was dismissed 'after a lengthy disciplinary proceeding'. But bank sources claim it will argue...

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