Global banking giant HSBC has raked in nearly £100m by bankrolling Malaysian logging companies who cause widespread rainforest destruction and abuse human rights, a watchdog has claimed.
The bank is also providing financial services to companies widely suspected of systematic bribery and corruption in Sarawak, Malaysia, according to an investigation by The Global Witness.
HSBC has bankrolled some of the world's worst logging companies and in some cases got them off the ground with their first commercial loans,' said Tom Picken, Global Witness Forest Campaign leader.
The report names four forestry companies linked to HSBC who have violated the bank's 2004 forestry regulations, which state that operations must be certified to the Forest Stewardship Council (FSC). None of the four had any FSC certification.
Destruction: The report claims that four Malaysian logging companies are being bankrolled by HSBC while in breach of the company's own regulations