03 Apr '11, 4pm

Major Brazilian banks sued for loans linked to deforestation via @mongabay

Major Brazilian banks sued for loans linked to deforestation mongabay.com April 03, 2011 Brazilian prosecutors have filed suit against the state-run Banco do Brasil and Banco da Amazonia for providing loans to companies that illegally cleared Amazon rainforest and used slave-like labor, reports Reuters. The Federal Prosecutor (Ministerio Publico Federal ) in the Amazon state of Pará sued the banks for breaching "the Constitution, environmental laws and regulations of the Central Bank and the National Monetary Council, as well as international agreements to which Brazil is a signatory," according to a statement released by the prosecutor's office. INCRA, Brazil's agrarian land reform agency, was also named in the suit for failing to control illegal deforestationn. The prosecutor said their investigation shows that Brazilian taxpayer money directly financed deforestation in ...

Full article: http://news.mongabay.com/2011/0403-amazon_banks.html

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