Update says rubber company up to old tricks
Vietnamese rubber firm Hoang Anh Gia Lai (HAGL) has failed to keep its commitments to address human rights and environmental abuses at its plantations in Cambodia, Global Witness said in a statement yesterday.
In May, the London-based NGO published an investigation into two Vietnamese rubber companies – HAGL and the Vietnam Rubber Group – which it accused of destroying lives and the environment and flouting Cambodian law with the tacit acquiescence of the authorities. ...
The group also warned investors in the company that it “now poses a financial and reputational risk” and “recommends they divest”.
It singled out the International Finance Corporation and Deutsche Bank as investors who should take heed. However, the IFC has previously said it is invested in a firm called Dragon Capital, which has invested in HAGL, while Deutsche Bank has denied having invested in the firm at all.
Headed by Doan Nguyen Duc, HAGL is one of Vietnam’s largest private companies. HAGL owns subsidiaries including Hoang Anh Andong Meas, Hoang Anh Oyadov and Heng Brothers, all in Ratanakkiri province. ...
Phak Seangly and Daniel Pye
http://www.phnompenhpost.com/national/update-says-rubber-company-old-tricks
