ANZ Bank accused of abandoning farmers after splitting with sugar firm
Early this month, in what looks like a failed attempt to save its reputation, Australia‘s ANZ Bank severed its ties with Phnom Penh Sugar, a company accused of a range of human rights abuses linked to its plantations in Kampong Speu province, Cambodia. … The move triggered widespread outrage among local and international rights groups, who claimed ANZ was ignoring its responsibilities towards the communities in service to the firm it had financed since 2010—and promises the bank had subsequently made to them following a visit. While a specific amount has never been disclosed, ANZ is believed to have lent tens of millions of dollars to Phnom Penh Sugar through its Cambodian subsidiary, ANZ Royal Bank. When pressed by FoodNavigator-Asia, an ANZ spokesperson declined to provide any concrete information about this development, saying he could merely “confirm that PPS has paid out its loan and is no longer a customer of ANZ.“ …
