ANZ is under fire for financing a Cambodian sugar plantation involved in child labor and other social issues. The banking giant is scrutinized for its possible non-compliance with the Global Ethical Banking code.
Phnom Penh Sugar Company’s plantation is the recipient of an undisclosed amount from ANZ’s Cambodian subsidiary, ANZ Royal Bank and has been involved in evicting more than hundreds of families to develop the sugar plantation. The company refutes this, saying that the land was underdeveloped before they received the rights for the plantation.
ANZ executives met with the families who were forcibly removed and compensated $100 in exchange for the land that provided sustenance to their families. They were relocated to a piece of land where food shortages are common.
PP Sugar Company believes that the families were adequately compensated. A 58-page audit in 2010 by the International Environmental Management backed up these claims, although the audit team is now being questioned for failing to visit majority of the site to draw up their conclusions. This was further evaluated in a September 2013 audit concluding that one settlement had potential food supply risks and that PP Sugar was unable to carry out environmental and social plans it sought to carry out in the 2010 audit.
Read more about this on the Age website.
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