Australian banks accused of links to land grabs:

Australian banks accused of links to land grabs: Oxfam

Anti-poverty organisation Oxfam has accused Australia's big four banks of 

investing in foreign companies involved in what it calls land grabs on

foreign soil.

By 

SBS

 

In its "Banking on Shaky Ground" report, Oxfam alleges frequent instances of large-scale land deals

 failing to respect local land rights, violent community unrest and investments that targets the poorest

 nations with weak land institutions.

The report implicates Westpac, Commonwealth Bank, ANZ Bank and NAB in the practices.

Oxfam links Westpac with what it says is a "controversial" logging company in Papua New Guinea, 

Malaysian-owned WTK Group.

Westpac declined to confirm or deny their link to WTK.

The bank's head of sustainability, Siobhan Toohil, said it had scrapped funding arrangements in the

 past where clients had contravened the bank's social standards.

"In circumstances where we do not believe that customers are adhering to appropriate standards and

 do not believe they are prepared to address this responsibly, we will continue to exit those 

relationships," Ms Toohil told the ABC.

WTK's lawyer in Port Moresby dismissed claims the company is linked to any controversial special

agricultural and business leases (SABLs) across the country.

"If WTK Realty was involved in SABLs it would have been summonsed to give evidence in the 

commission of inquiry," lawyer Robert Bradshaw told the ABC.

Oxfam's report says the Commonwealth Bank owns shares in an agribusiness that's failing to 

comply with orders in Brazil to stop sourcing sugar cane from Indigenous lands.

Oxfam has called on the banks to properly investigate their exposure to alleged land grabs.

http://www.sbs.com.au/news/article/2014/04/28/australian-banks-accused-links-land-grabs-oxfam