HSBC rakes in US$130 million bankrolling rainforest destruction and human rights abuses in Malaysia’s corrupt forestry sector.
HSBC has bankrolled logging companies causing widespread environmental destruction and human rights abuses in Sarawak, Malaysia, violating its sustainability policies and earning around US$130 million in the process, a Global Witness investigation reveals.
The bank is also providing financial services to companies widely suspected of systematic bribery and corruption.
Malaysia’s Sarawak region exports more tropical timber than South America and Africa combined and now has just five per cent of its forests left intact following decades of industrial-scale logging and plantation development.
The Global Witness report, “In the Future There Will Be No Forests Left”, identifies loans and services to seven of the region’s largest logging conglomerates that would have generated HSBC an estimated US$130 million in interest and fees.
