by AMY HALL
Numbered and stamped cut timber inside HAGL rubber plantation in Cambodia PHOTO/Global Witness
A new report from campaigning NGO Global Witness has revealed how big-name financial institutions, International Finance Corporation (IFC) and Deutsche Bank are subsidizing Vietnamese land grabs in Cambodia and Laos.
‘Rubber Barons’, published alongside a short film on Monday 13 May, is critical of a culture of secrecy around plantation investments. Two of Vietnam’s largest companies, Hoang Anh Gia Lai (HAGL) and the state-owned Vietnam Rubber Group (VRG) have acquired more than 200,000 hectares of land through deals with the Cambodian and Laos governments. Deutsche Bank has significant holdings in both companies, while the IFC invests in HAGL.
Cambodia and Laos have seen more than 3.7 million hectares of land handed over to companies since 2000, 40 per cent of which is for rubber plantations. The report explains a culture of corporate secrecy and shady connections with élites which mean that companies like HAGL and VRG get away with breaking the rules.
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