A look into Corporate fraud in Australia, Stranglehold of Monopolies, Telecommunications Oppression, Biased Law System, Corporate influence in politics, Industrial Relations disadvantaging workers, Outsourcing Australian Jobs, Offshore Banking, Petrochemical company domination, Invisibly Visible.
It's not what you see, it's what goes on behind the scenes.
COMMONWEALTH OF AUSTRALIA (ABN: 122 104 616)
Australia's Prime Minister (CEO) Tony Abbott : "Australia is Open for Business"
Monday, April 28, 2014
Big banks linked to illegal land grab - report
Some of Australia's biggest banks are reviewing their lending activities
in developing countries in the wake of a report linking them to
companies accused of illegal land grabs.
Oxfam Australia has accused the big four banks - Commonwealth Bank,
Westpac, National Australia Bank and ANZ - of backing companies that
have contributed to illegal logging, forced evictions, food shortages
and child labour.
"From PNG and Cambodia to Indonesia and Brazil,
our banks have backed companies accused of forcing people from their
land," Oxfam Australia chief executive Helen Szoke said.
Responsible Investors Association chief executive Simon O'Connor said
the report highlighted the risks for Australian companies investing in
"These allegations, whether proven or not,
contain lessons for corporate Australia as to precisely the nature of
this new risk landscape and how challenging these risks are to manage,"
The banks would not comment on their relationships with
companies mentioned in the report but emphasised their commitment to
ethical lending practices.
Westpac said it had severed ties with
customers that did not meet its ethical guidelines in the past and would
do so again if necessary.
"We would continue that same practice
if we felt we were representing companies or people that weren't living
up to those standards.
ANZ spokesman Stephen Ries said half of the
companies linked to it by the report were not customers of the bank and
it had reviewed its relationship with others in light of the
"We asked our customers for updates and we are satisfied with their responses," he said.
But he said the bank would consider the issues raised by Oxfam in its current policy review.
Commonwealth Bank also said it would review its practices in response
to the report, while a NAB spokesman said the bank assessed social and
environmental risks before lending to a customer.
The Oxfam report
found NAB had lent more than $200 million to Asian palm oil giant
Wilmar, which has been linked to land grabs and was named the world's
least environmentally friendly company by Newsweek.
Australia also accused Commonwealth of investing in an agribusiness
giant whose Brazilian sugar mill is, it says, illegally sourcing sugar
from indigenous lands.
ANZ was financing a Cambodian sugar
plantation involved in child labour, military backed land grabs and
forced evictions, while Westpac has supported a timber company in PNG
accused of logging pristine rainforest through an invalid lease
arrangement, Oxfam Australia said.
news.com.au 28 Apr 2014
The 'Big 4' Banks are not only involved in land grab, overseas but also here in Australia.
In order to stop this a class action lawsuit needs to be taken, as it has been done with the ANZ bank and 'late' fees.