Harmful investments by ING June 2009
Loans In February 2007, ING participated for the amount of € 56 million in a € 767 million loan to CNPC, the controlling shareholder of PetroChina. 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, ING participated in a € 3 billion revolving credit to EADS for an amount of € 85 million. EADS, the second largest European arms producer, is involved in the production of nuclear weapons. In March 2007, ING participated for € 34 million in a € 1.1 billion revolving credit and for € 227 million in a € 7.5 billion loan to Freeport McMoran. 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, ING participated in a US$ 320 million loan to Colbún. In August 2008, ING participated in a € 267 million loan to Colbún for an amount of € 22 million. At the end of 2008, Endesa Chile had long-term debt of € 30 million outstanding with ING Bank. 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, ING participated for the sum of € 23 million in a € 687 loan to Lundin Petroleum. 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. Issuing of shares / Issuing of bonds
ING is selected as a dealer for the Billet de Trésorerie. This € 2 billion French domestic commercial paper program enables EADS 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, ING participated for the sum of € 49 million in the issuing of notes of Freeport McMoran worth € 4.5 billion. In April 2009, Total Capital (the financing subsidiary of Total) issued bonds for an amount of € 54 million. ING underwrote this issuing for a sum of € 5 million. 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. Shareholdings ING owns or manages shares in eleven of the researched companies, for a total value of US$ 1392,2 million.
Colbún
US$
88,21 million
EADS
US$
0,73 million
Endesa
US$
389,64 million
Freeport McMoRan
US$
124,21 million
Lundin Petroleum
US$
0,04 million
Petrochina
US$
14,5 million
Suncor Energy
US$
43,46 million
Textron
US$
2,74 million
Total S.A.
US$
346,97 million
Vedanta Resources
US$
5,37 million
Wal-mart stores
US$
376,33 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.