HSBC makes almost £100million from 'bankrolling' Malaysian rainforest destruction, watchdog claim

HSBC makes almost £100million from 'bankrolling' Malaysian rainforest destruction, watchdog claims.

www.daily mail.co.uk

Global banking giant HSBC has raked in nearly £100m by bankrolling Malaysian logging companies who cause widespread rainforest destruction and abuse human rights, a watchdog has claimed.

The bank is also providing financial services to companies widely suspected of systematic bribery and corruption in Sarawak, Malaysia, according to an investigation by The Global Witness.

The region exports more tropical timber than South America and Africa combined and HSBC's loans and services to logging conglomerates have generated at least £80m in interest and fees.

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I am disgusted! I'm not a thread starter usually but this just makes me real angry.

As a kid of about 12 I remember being given a book about Borneo which inspired me and enchanted me with it's incredible images and descriptions. If I ever had the chance I would like to go there, although the thought of witnessing the destruction first hand may shatter my illusion of what a wonderful and unique place it is (was).

I am also ashamed to have an HSBC credit card, the same one I've had for over thirty years. It was the "Midland" bank when I first recieved it. Used very little and only kept for emergencies and occasional online use, maybe once or twice a year for car insurance or booking a flight. I think this news is the final straw and I will be destroying it and sending it back along with a strong letter of complaint and the reassurance of my even firmer stance on the complete parasitic nature of the banking system. I know it will serve little purpose other than to let me rant but if enough people do this in protest and the profit walks, maybe it will push home the fact that banks are and must be held accountable for their actions and decisions.

This bit gets me:

Picken added: 'In 2004 HSBC brought in progressive world-wide forest policies designed to avoid precisely these sorts of commercial relationships and make the bank a market leader on sustainability. 'It has consistently traded on these commitments in public, yet failed to meet them in practice. The bank should hold its hands up, drop these clients immediately and compensate the victims for the mayhem it has helped cause.

Obviously, as usual, they lied, they are responsible for aiding the destruction and must admit it, stop it, and take responsibility. Seems the "sustainability" was referring to their profits.

Bye bye plastic, HSBC can go to hell.

nerb

www.daily mail.co.uk
(visit the link for the full news article)

These big banks don't care who they lend money to, and if they don't some other big bank will. Why do people live for the moment and destroy the future of mankind on this planet. We need an environment czar to take out these kind of people. Give them the power to destroy big firms and their officers/owners. Trouble is, most people can be bribed nowadays, something that has been going on for generations.

HSBC has been recently caught money laundering. Its shoddy reputation is second to none.
Of course, when a corporation gets as big as HSBC, they pay fines which are usually much smaller than the profits from their crimes. Therefore, especially in their case, crimes do pay and they pay big (especially when they don't caught).

reply to post by Kurius


I hear what you say about money laundering and completely agree. I'm sure many of the top nobs who work for HSBC holiday in luxury alongside those who are masterminding these attrocities on nature in the name of profit.

I'm quite looking forward to sitting down and crafting my letter of complaint to HSBC. Like I said, I don't expect a response, but who knows? I used to have 'Abbey National' accounts also and was SO glad I closed them shortly after they were bought out by 'Santander'. The service went right down and their reputation was terrible.

Even when I visit my current banks here in France I cannot feel anything but contempt for those that work there (for the basic 35 hours a week). I know they are just doing a job, but it comes with responsibility and accountability regardless of their position in my opinion.

cheers.

This is just the very tip of a horrible chunk of sea ice. I would die of shock if there were not other examples of banking organisations funding everything from rogue states, to cartels, to dodgy construction firms. Just the curl of the burl, as Mastadon might say.

It is an old way in the area. In indonesia,in borneo or sumatera since long ago, the corrupt goverment gave right to some company that mostly his (ex president) family or friends to be able to open sawit palm farm.
Method is really simple, after got the permit, then borrow some money to bank, cut the tree and sell it. This alone already make lots of money, with loads of big tree and exotic woods.

Then use the money from bank to start the farm, and some for private use. Then use the farm as collateral. Bank charge with big interest, everyone happy. 7 till 15 years later sell the farm in smaller cluster to small company or private. Bank pay them all in cash as finance company and charge good interest to buyer by credit selling.

Really smart but very sick way to do business, but that is reality. Corrupt gov with greedy bank, left people nothing and heavily destroyed rain forest and everything in it.

reply to post by maung


Unfortunately many government officials are (or forced to be) corrupt (in any nation). Big banks (including central banks) and corporations are the engines behind these corruptions. Listen to John Perkins interview on Youtube as introduction to the shocking modus operandi.

reply to post by nerbot


If you had been in the UK instead, "Bank on Dave" might be a better option. www.youtube.com...

Good luck with the letter.