Financing Crimes;

Banks complicity in human rights violations and environmental destruction in Indonesia

The Rainforest Foundation Norway (RFN) released in May a report on the complicity of Nordic financial institutions in environmental and rainforest destruction in Indonesia. It happened through their investment in Indonesian banks that financed palm oil companies allegedly responsible for the cases. The report revealed that several large banks and pension funds — including the Norwegian Government Pension Fund Global (GPFG), Nordea and the Swedish AP-fonderna — own shares in six Southeast Asian largest banks –including BCA, Mandiri, BNI and BRI — that support palm oil industries. GPFG alone has contributed US $1.3 billion to those banks.

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