Brazil Banks Sued for Amazon Deforestation

The state-run Banco do Brasil, Brazil's largest bank, is being sued for allegedly funding deforestation in the Amazon forest.
According to Yahoo News, Federal prosecutors Brazil said Friday that they filed suit against the bank for approving loans to companies that illegally deforested the Amazon jungle and also used slave-like labor practices.
The Public Ministry said in a statement that prosecutors in the Amazon jungle state of Para filed suit against both the Banco da Amazonia and the bank for providing public funds to large farms that broke environmental and labor law, Yahoo News reported.
According to BBC News, Prosecutors said they had uncovered 37 loans worth $11 million given to farms with similar violations by the bank.
The independent prosecutors at the Public Ministry said the loans violated Brazil's environmental laws, constitution, banking regulations and international agreements signed by Brazil, reported BBC News.
Yahoo News reported that the statement said, "the discovery of this irregular financing shows that this is a generalized problem."

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This page contains a single entry by chazi013 published on April 3, 2011 11:26 PM.

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