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30th November -0001

Just Forests highlighted this matter on 7th December, 2012

HSBC has bankrolled logging companies causing widespread environmental destruction and human rights abuses in Sarawak, Malaysia.

HSBC is the world’s third largest publicly listed
financial institution, with operations in 80 countries
worldwide. With such a large global footprint,
HSBC has sought to project an image of a
responsible bank conducting legal and sustainable
business operations.
This image was shot to pieces by a recent
investigation by the United States Senate which
concluded that HSBC has demonstrated a
“pervasively polluted culture” that allowed moneylaunderers,
drug dealers and suspected terrorists
to move their money into the United States
financial system1. In the United Kingdom, where
HSBC’s headquarters are located, a criminal
investigation by the Serious Fraud Office (SFO)
uncovered HSBC’s facilitation of US$22.5 million
of alleged kickbacks paid by a defence firm to a
Saudi Arabian royal and other public officials via
accounts in the Cayman Islands2.

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