7 July 2014
The commercial
relationship between Australia and New Zealand Banking Group Ltd and Cambodia's
Phnom Penh Sugar has come to an end.
The
newspaper said "pressure applied by the bank over the group’s poor social
and environmental record" resulted in the sugar plantation business refinancing
with another lender. ANZ Royal Bank, which is 55 percent-owned by ANZ, had
provided a loan worth "tens of millions of dollars" to help Phnom
Penh Sugar fund a new plantation and refinery.
Source:
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