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Filipino Migrants Question ANZ Bank's Ethics

PRESS RELEASE
September 26, 2008

Filipino Migrants Question ANZ Bank's Ethics

A group of Filipino workers is backing the Finsec union in its opposition to staff reductions at the ANZ bank.

Migrante Aotearoa, an Auckland based migrant Filipino worker organisation says ANZ’s treatment of its loyal workforce is deplorable but totally in line with its behaviour in the global arena.

Mr Maga says the bank is a large shareholder in the Oceana Didipio gold – copper mining project in the Phillipines which has caused widespread community displacement, human rights violations, economic dislocation, environmental devastation and social disputes in the national minority communities in Kasibu, Nueva Vizcaya.

“In New Zealand ANZ is preparing to throw hundreds of employees out of work. In the Phillipines the very same bank has investments in large scale mining that threatens poor peasants and indigenous peoples with eviction from their ancestral lands.

“Its time for the ANZ shareholders to be asking some hard questions about what sort of company they are part of.”

ENDS


Reference:

According to the Kalikasan, an environment advocacy network in the Philippines, the project of OceanaGold Corporation, a mining company listed on the Toronto, Australian and New Zealand stock exchanges under the symbol "OGC," has caused widespread community displacement, human rights violations, economic dislocation, environmental devastation and social disputes in the national minority communities in Kasibu, Nueva Vizcaya.

ANZ is listed as second in the top twenty shareholders in the mining company's report, holding 16.65% of the shares. It is also the largest holder of listed options with 13.80% of the total fully paid shares.

Kalikasan also noted that ANZ financed the Lafayette Polymetallic Project in Rapurapu, Albay. Lafayette, operator of Rapurapu flagship mining project of the Arroyo government, have entered into voluntary administration and filed for bankruptcy. The mining operation faced intense opposition from local residents and their supporters after it caused several fish kills, mine spills, massive environmental destruction and other negative impacts to the health and livelihood of the residents.


ENDS

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