HANOI. Global Witness, a group that campaigns on resource issues, has accused Vietnamese rubber firms bankrolled by an arm of the World Bank and Germany’s Deutsche Bank of driving a land-grabbing crisis in Southeast Asia.
HANOI. Global Witness, a group that campaigns on resource issues, has accused Vietnamese rubber firms bankrolled by an arm of the World Bank and Germany’s Deutsche Bank of driving a land-grabbing crisis in Southeast Asia.Indigenous ethnic minorities are bearing the brunt of the seizures, which have affected tens of thousands of villagers and led to the clearance of swathes of protected forests, according to the group.Vietnam, the world’s third-largest rubber producer, is keen to tap surging demand for the commodity in particular from China, which is hungry for car tyres and other rubber goods as its economy booms.Global Witness accused two firms, Hoang Anh Gia Lai (HAGL) and Vietnam Rubber Group (VRG), of driving forced evictions via subsidiaries linked to government cronies in impoverished Cambodia and Laos.According to the report, Deutsche Bank has multi-million dollar holdings in both companies, while the International Finance Corp (IFC) - the World Bank’s private lending arm - invests in HAGL through financial intermediaries.