Syndicate of banks, including European banks, signs agreement with Norilsk Nickel for 2,5 Billion over five years.

Norilsk Nickel, as reported in our previous Dirty Profits 5 report , has had serious concerns in relation to environmental pollution and health problems for the local population. In 2009, the Norwegian Government Pension Fund excluded Norilsk Nickel due to severe environmental degradation at the company’s Polar Division and in particular surrounding the City of Norilsk.   ... →

Trumps Business with Deutsche Bank being investigated by FBI

 Trump im Gespräch mit Putin während dem G20-Gipfel 2017 in Hamburg  | Bild (Ausschnitt): © Website of the Russian President [CC BY 4.0] - Kremlin.ru

Investigations by the FBI into the alleged Russian manipulations of the 2016 US presidential elections are now including the Deutsche Bank. There is a suspicion that the bank’s loans to the US President have ties to the Russian government. According to a report by the Handelsblatt, FBI special investigator Mueller has applied for a subpoena, compelling the release of material.   ... →

Raid on Commerzbank headquarters for suspected tax evasion

 Commerzbank-Zentrale in Frankfurt am Main | Bild (Ausschnitt): © David Schiersner [CC BY 2.0] - flickr

As reported by n-tv and Handelsblatt the attorney general of Frankfurt authorised raids on offices in the Commerzbank headquarters as well as 3 private houses of accused individuals in the second week of November. The raid was based on the suspicion that Commerzbank evaded taxes by Cum-Ex trading in the past.

The attorney general claims investigations showed multi-billion Euro deals closed between 2006 and 2010 which evaded taxes of about 40 million Euros.   ... →

Tahoe Resources: Licence Suspended for Escobal Mine, Guatemala, for failure to consult indigenous communities. HSBC and other banks continue to provide funds despite clear violation of international norms and standards by the company.

In February 2017, the Dirty Profits report documented numerous violations by Tahoe Resource Inc at their Escobal mine in Guatemala. Including evidence that since Tahoe Resources acquired the Escobal silver project in southeastern Guatemala in 2010, it has given rise to local opposition, as well as systematic repression, violence and criminalization against community members concerned about the human and environmental impacts of mining.   ... →

Seven companies, including German software multinational SAP, accused of kickbacks and corruption to gain government contracts in South Africa

Recent investigations by the South African investigative journalist group, amaBhungane, have found evidence of multinational companies in South Africa providing illegal payments to secure contracts with the government owned transport and logistics company, Transnet.  The companies that currently stand accused include the German companies SAP and T-systems, as well as the Swiss based Liebherr International AG, China South Rail, Shanghai Zhenhua, McKinsey and Neotel.    ... →

Still no binding regulations on indirect human rights violations committed by German Companies

| Bild (Ausschnitt): © Raimond Spekking [CC BY-SA 4.0] - climatevisuals

In 2011 the UN Human Rights Council unanimously endorsed the Guiding Principles for Business and Human Rights. These 31 principles are based on three key principles; the duty of states and enterprises to protect and respect human rights and the possibility of legal remedy in the event of human rights violations. One of the  principles in relation to this is that Companies should  undertake human rights due diligence assessing human rights impacts not just in their own activities, but should also linked to wider impacts of their operations and activities.   ... →