Report reveals Aussie banks linked to land grabbing

 AUSTRALIA’S leading banks have been accused of backing companies involved in land grabbing in developing countries including Papua New Guinea. 

This was revealed in a report released by Oxfam Australia this week. Oxfam Associate country director in PNG Phillippe Allen told reporters that one of the banks supported a timber company logging pristine rainforest in Turubu district, East Sepik.

Allen said this was in defiance of a finding by the Commission of Inquiry into Special Agriculture Business Leases that the lease was invalid and should be revoked.

Oxfam claimed that documents filed with the Investment Promotion Authority indicated that the bank had a 19-year relationship with the PNG operations of a foreign logging company.

Oxfam wrote to the companies involved in the Turubu SABL three months ago regarding these issues but received no response.

“Land grabs are a significant issue that has already been recognised by leading corporations which have all adopted tough due diligence polices to prevent their involvement in land grabs,” he said.