Harmful investments by Crédit Agricole June 2009
Loans In February 2007, Calyon, which is part of Crédit Agricole, participated in a € 767 million loan to CNPC, the controlling shareholder of PetroChina, for an amount of € 56 million. The loan funded CNPC's further investments in PetroKazakhstan. The Chinese oil company Petrochina operates the majority of Sudan’s oil industry and is also active in Burma. Sudan and Burma are highly reliant on foreign direct investment to fund its military and finance internal repression. In July 2005, Calyon, which is part of Crédit Agricole, participated for an amount of € 145 million in a € 3 billion revolving credit to EADS. EADS, the second largest European arms producer, is involved in the production of nuclear weapons In March 2008, Calyon, part of Crédit Agricole, participated for a sum of € 240 million in a € 2.8 billion loan facility, for the first phase of the FSTA project. This public-private partnership between the UK Ministry of Defence and AirTanker (40% owned by EADS) will provide an advanced air-to-air refuelling and air transport capability to the Royal Air Force. In March 2007, Calyon, which is part of Crédit Agricole, participated for a sum of € 34 million in a € 1.1 billion revolving credit to Freeport McMoran. At the same time, Calyon participated for an amount of € 227 million in a € 7.5 billion term loan to Freeport Mc Moran. Freeport releases 230,000 tonnes of polluted rubble into the local river system each day. Opponents of the mine are treated harshly by the military forces bribed by the company. The HidroAysén hydropower project is a joint venture between the Chilean companies Colbún and Endesa Chila. In May 2006, Calyon, part of Crédit Agricole, participated in a US$ 320 million five-year loan to Colbún. In August 2008, Calyon participated for a sum of € 22 million in a five-year loan of € 267 million to Colbún. The HydroAysén project plans to construct 5 hydroelectric centers with dams which will displace families, threaten critically endangered species and disrupt sustainable income to Patagonia’s local communities. In December 2007, Calyon, part of Crédit Agricole, participated for the sum of € 23 million in a € 687 loan to Lundin Petroleum, to be used for further exploration and potential acquisitions. Lundin is classified by the Sudan Divestment Task Force (SDTF) as “Highest Offender”, for its direct support to the Sudanese government. The Sudanese government is accused of continued ethnic cleansing in Darfur. In August 2005, Calyon, part of Crédit Agricole, participated for an amount of € 10.2 million in a € 102 million loan to Hindustan Zinc, part of the Vedanta Resources Group. In March 2006, Calyon participated for the sum of € 12.5
million in a € 77.1 million loan to Sterlite Industries, part of the Vedanta Resources Group. In August 2007, Calyon, part of Crédit Agricole, participated in € 815 million loan to Vedanta Resources for the sum of € 56 million. In August 2008, this loan was refinanced by another € 642 million loan, in which Calyon participated for € 42.9 million. The Indian mining company Vedanta has illegally driven indigenous people from their land in India. The company has dumped toxic waste in India and Zambia. Issuing of shares /
Issuing of bonds Calyon, part of Crédit Agricole, is selected as a dealer for the Billet de Trésorerie. This € 2 billion French domestic commercial paper program enables EADS to to issue short-term bonds with a tenor of maximum 1 year on the French capital market on a regular basis and without too many regulatory requirements. In March 2007, Freeport McMoran issued notes for a total amount of € 4.5 billion. The proceedings were used to partly finance the acquisition of the USA copper producer Phelps Dodge. Calyon Securities participated in this issuing for € 49 million. Calyon, part of Crédit Agricole, is selected as a dealer for Total’s European medium-term programme. Thanks to this programme, the company can regularly and easily issue bonds on the European market. Citibank is also one of the selected dealers for this programme. Total is involved in gas extraction which supports the Burmese junta. The laying of the pipeline and the surrounding infrastructure led to serious human rights abuses. In February 2009, Calyon also arranged and underwrote the issuing of bonds of Total Capital (the financing subsidiary of Total) worth € 1,000 million for an amount of € 500 million.
Shareholdings Crédit Agricole owns or manages shares in ten of the researched companies, for a total value of US$ 352,96 million.
  Dongfeng
US$
8,91 million
EADS
US$
1,84 million
Freeport McMoRan
US$
24,97 million
Lundin Petroleum
US$
0,05 million
Petrochina
US$
14,23 million
Suncor Energy
US$
8,97 million
Textron
US$
9,83 million
Total S.A.
US$
119,07 million
Vedanta Resources
US$
0,05 million
Wal-Mart Stores
US$
165,04 million
Sources: European banks financing controversial companies, Profundo (research paper for Netwerk Vlaanderen), June 2009 ; Shareholdings of some European Banks in controversial companies, Profundo (research paper for Netwerk Vlaanderen), June 2009.