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Response by ANZ
Author: ANZ, Published on: 31 January 2019
We acknowledge the ANCP report portrays circumstances which do not reflect well on any of the key stakeholders involved, including us. The application of our due diligence was clearly lacking and there was insufficient follow up. At the same time, the report does not contain any new information. We note the report confirms:
- ANZ did not fund PPS' acquisition of land or plantation development, which is at the core of 'land grab' claims for compensation.
- PPS was not a customer of the bank at the time it acquired land for plantation development.
We accept we made mistakes. We have subsequently changed policies and processes to seek to ensure this does not happen again. Those changes include:
- Committing to 'zero tolerance' of improper land acquisition
- Considering remediation processes if we identify we have caused or contributed to adverse impacs, or are linked to adverse human rights impacts via our products and services
- Making it clear we expect our customers to establish effective, transparent grievance mechanisms, especially for large projects.
Our advice from multiple perspectives is that, right now, the best step for the affected community is to seek to achieve compensation through the Cambodian Government process underway. This process is being observed by the European Union's "Everything But Arms" preferential sugar tariff program...
This is a response from the following companies: ANZ Bank