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Treasury taken to court for RBS loans to Vedanta Resources [UK]

Author: Terry Macalister, Guardian [UK] , Published on: 18 October 2009

[I]n the high court on Tuesday…the Treasury…[will] explain why the state-owned Royal Bank of Scotland has been lending money to the controversial mining firm Vedanta Resources, whose activities have been criticised by another government department [UK National Contact point for OECD Guidelines] …The Treasury argued at a preliminary hearing that it would not be right to consider climate change and human rights when it evaluated the "commercial" interests of RBS…RBS is also under fire for lending to Cairn Energy to drill in the Arctic, and to Hargeaves Services for opencast coalmining in Britain…RBS said…”RBS has customers in almost all sectors of business. We are committed to supporting these customers as they address the challenges of progressively reducing their environmental impact” [also refers to CGM Resources, Sterlite (part of Vedanta)]

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Related companies: ABN Amro Cairn Energy Royal Bank of Scotland Sterlite Industries (part of Vedanta Resources) Vedanta Resources