Banks invest in landmines

11th June 2007, Comments 0 comments

11 June 2007, AMSTERDAM – Four large Dutch banks invest in companies that are boycotted by the UN because of human rights violations. This emerged on Sunday from a study by television programme Zembla.

11 June 2007

AMSTERDAM – Four large Dutch banks invest in companies that are boycotted by the UN because of human rights violations. This emerged on Sunday from a study by television programme Zembla.

ABN AMRO, ING/Postbank, Fortis and Rabobank all reportedly finance businesses that cause serious harm to the environment and produce cluster bombs and landmines.

ABN AMRO for instance invests in defence companies whose weapons end up in countries including the Sudan. The UN boycotts Sudan because of widespread human rights violations.

Friends of the Earth Netherlands and the Socialist Party (SP) said on Sunday that they planned to stop working with the ING/Postbank.

Development aid organisation Oxfam Novib also carried out its own investigation into the involvement of the four large banks in the weapons industry.

The organisation said on Zembla that it would not be leaving its bank (ABN Amro) because of the dubious investments. Director Papma did condemn the bank's investments as "horrendous."

[Copyright Expatica News + ANP 2007]

Subject: Dutch news

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