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New report reveals alarming investment practices by financial groups

071212_bankingsecrets.jpgNew report reveals alarming investment practices by financial groups. Today, the financial watchdog Netwerk Vlaanderen launches the report ‘Bank Secrets’. The dossier details the investments by 121 financial groups in companies violating fundamental human rights. The investors channel money to 13 companies selling weapons to dictators, denying people access to land and clean water, co-operating with armed rebel groups and being involved in forced relocations and heavy and irreversible pollution. International banks involved. 121 banks from 24 different countries play a role in the financing of these companies, including banks based in Abu Dhabi, Australia, Belgium, Canada, China, DRC, France, Germany, India, Indonesia, Italy, Japan, Kuwait, Malaysia, Mauritius, The Netherlands, Peru, Singapore, South Africa, Spain, Switzerland, Taiwan, the UK, the US and the multilateral World Bank. Netwerk Vlaanderen reports that for the period 2003 — 2007, loans add up to a total of US$13 billion. Furthermore, during the period 2004-2007 banks have arranged and underwritten bond issues to a total value of US$ 28.4 billion. During the same period, the companies were assisted in issuing shares to a total value of US$ 14.8 billion. > Continue.

News selected by Covalence | Country: Global | Company: Banks | Source: Netwerk Vlaanderen / BankTrack

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