ANZ hit by controversy in Cambodia

GEORGIA WILKINS
Last updated 10:29 07/08/2014

Relevant offers

World

Celebrations after anti-austerity party wins Greek election Britain plans plain cigarette packaging starting in May 2016 Things you didn't know about Monopoly €1.1 trillion rescue plan to revive Euro economy 'Stuttering confidence levels' for businesses across Australia Exploding Kittens a Kickstarter hit Microsoft handed FBI data on Charlie Hebdo probe in 45 minutes High-tech hunt for illegal fishing China cuts energy intensity almost 5 per cent in 2014 UN special envoy returning to Yemen as fighting rages

ANZ is facing calls for compensation over its funding of a Cambodian sugar mill linked to child labour, forced evictions and land grabs.

Media reports on Monday said hundreds of Cambodian farmers had called on the bank to provide compensation for the land they lost due to the A$220 million ($243 million) sugar development, owned by Ly Yong Phat, one of Cambodia's richest men and a senator from the country's ruling political party.

The bank, which no longer finances the Phnom Penh ­sugar-run mill, said it was inappropriate to respond to calls given its connection with the company had ended.

"ANZ is no longer a financier to PPS and it is no longer appropriate to have any discussions on the company's business. Any issues would need to be raised with PPS directly," a spokesman in Melbourne said.

ANZ is understood to have met community representatives in Cambodia last week to encourage them to take up their issues directly with PPS.

Fairfax Media revealed ANZ's connection to the controversial plantation in January after an audit revealed the project was beset with social and environmental problems. It highlighted the involvement of foreign firms in land grabs and developments in poor nations.

ANZ is understood to be reviewing its joint venture in Cambodia, which is split with the Royal Group, owned by another wealthy Cambodian businessman, Kith Meng.

Ad Feedback

- AFR

Special offers

Featured Promotions

Sponsored Content