Global banking giant HSBC has raked in nearly £100m by bankrolling Malaysian logging companies who cause widespread rainforest destruction and abuse human rights, a watchdog has claimed.
The bank is also providing financial services to companies widely suspected of systematic bribery and corruption in Sarawak, Malaysia, according to an investigation by The Global Witness.
The region exports more tropical timber than South America and Africa combined and HSBC's loans and services to logging conglomerates have generated at least £80m in interest and fees.
The watchdog claim that these companies have devastated Malaysian Borneo's rainforests and carried out abuses against indigenous peoples.
These companies are currently logging in an area three times the size of Norway. Full story...
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The bank is also providing financial services to companies widely suspected of systematic bribery and corruption in Sarawak, Malaysia, according to an investigation by The Global Witness.
The region exports more tropical timber than South America and Africa combined and HSBC's loans and services to logging conglomerates have generated at least £80m in interest and fees.
The watchdog claim that these companies have devastated Malaysian Borneo's rainforests and carried out abuses against indigenous peoples.
These companies are currently logging in an area three times the size of Norway. Full story...
Related posts:
- Malaysian chief minister's money laundering case ensnares UBS...
- Cambodian journalist who investigated illegal logging found murdered...
- Indonesia's vanishing tigers, vanishing rain forests...
- The Rape of Borneo...
- Indonesia to sell tigers as pets to the rich...
- The New Rulers of the World ( The rape of Indonesia)
- Starving orang-utans forced into village for food as rain forest is destroyed...
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