Press Release: Friends of the Earth files OECD complaint against Rabobank finance for illegal palm oil

Amsterdam, Brussels, 1st July 2014

Milieudefensie (Friends of the Earth Netherlands) and Friends of the Earth Europe have filed a complaint with the Organization for Economic Cooperation and Development against the Dutch Rabobank. The complaint focuses on multiple loans from Rabobank to the Indonesian palm oil company Bumitama. The company is accused of managing an illegal palm oil plantation and of having caused deforestation, thereby not only violating the sustainability policy of Rabobank but also the OECD Guidelines for Multinational Enterprises.   ... →

Press Release: Deutsche Bank divests from Bumitama after civil society pressure

Brussels/Berlin, May 26, 2014 – Deutsche Bank has told Friends of the Earth Europe and Rettet den Regenwald that it sold its shares in the Indonesian palm oil supplier Bumitama, an important supplier to palm oil giant Wilmar, following months of campaigning by the two groups. Despite numerous promises to clean up its act, Bumitama continues to produce illegal palm oil.   ... →

Diary of Destruction: FOEE Exposes Illegal Palm Oil Activities in Indonesia

Friends of the Earth Europe (FOEE) recently announced the release of its factsheet, “Bumitama’s Diary of Destruction,” in a PRESS RELEASE. The fact sheet outlines the destructive and illegal practices currently being carried out in Indonesia by the palm oil producer, Bumitama Agri Ltd. The fact sheet includes a timeline, or diary, of violations, outlining, for example, Bumitama’s continued deforestation and palm oil production activities on land designated as High Conservation Value (HCV) and threatening the region’s protected species, like the endangered orangutan.   ... →

Dutch Banks Drop American Investor for Permitting Future Investment in Cluster Munitions

Two Dutch banks, Rabobank and ABN Amro, have decided to discontinue offering funds through the US-based Franklin Templeton Investments after discovering that the asset manager lacks policies to prohibit investment in cluster munitions. Investment in cluster munitions is illegal under Dutch law. While Franklin Templeton claims they are not currently in violation of such regulations, they admitted to lacking policies barring investments in cluster munitions, possibly jeopardizing their future compliance.   ... →

Libor scandal: Rabobank pays €774 million fine

The Dutch Rabobank has agreed to pay a €774 million fine because of its involvement in the manipulation of the Libor. The bank is now the fifth institution to agree to a settlement in the course of the Libor scandal investigations. The Libor is a reference interest rate that indicates at which price banks can borrow money from each other.   ... →