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Big Bank – Called on Carpet for Agricultural Loan

Touch the Soil News #1149 (Feature photo – ANZ Bank Headquarters in Australia – Public Domain)

ANZ Bank (Australia New Zealand Bank) is a large global bank with operations not only in Australia, but 32 other nations. With roughly 640 billion in assets and 44 thousand full-time equivalent employees, the bank has been identified and criticized for making a $40 million loan to Phnom Penh Sugar in Cambodia back in 2011. Many media sources have criticized the action over the years and the bank has finally been investigated and criticized.

The Australian government has called out ANZ bank for financing an enterprise (Phnom Penh Sugar) that is known to illegally seize land and forcibly remove local people. In addition the sugar company employs school-aged children in dangerous working conditions. You can read the full story here:

https://www.farmlandgrab.org/post/view/28485-anz-bank-issued-rare-rebuke-by-australian-oversight-body

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