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June 2016, PT Bio Inti Agrindo: 6º54’54.49”S 140º28’20.53”E Young oil palm plantation in the POSCO Daewoo concession in Merauke, Papua. ©mighty 36 DIRTY BANKERS
Company: Group: Headquarters: Stocklisted: RSPO member: POSCO Daewoo Corporation POSCO South Korea Both POSCO Daewoo Corporation and POSCO itself are listed on the Korean Stock Exchange No The POSCO Daewoo Corporation (renamed from Daewoo International Corporation in March 2016) 312 was created when the trading wing of the Daewoo Corporation, a diverse Korean conglomerate hit hard by the Asian Financial Crisis, 313 was spun off in 2000. 314 In 2010 it was bought by POSCO, which currently holds a 61.13% stake. 315 POSCO is a South Korean multinational, and one of the largest steel producers in the world. Important shareholders at year-end 2015 included the Korean National Pension Service (9.04%), Nippon Steel and Sumitomo Metal Corporation (5.04%), Pohang University of Science and Technology (2.18%), Government of Singapore Investment Corporation Pte Ltd (2.14%) and KB Financial Group Inc and subsidiaries (2.1%). 316 POSCO Daewoo’s core business is as a trading company, but it also has a significant involvement in resource industries other than palm oil, including oil and gas production and mining. 317 CURRENT KNOWN LINKS WITH HSBC FACILITY TOTAL VALUE VALUE OF HSBC BORROWER SIGNED HSBC ROLE(S) CONTRIBUTION Project finance fixed US$500m US$78m Krakatau POSCO PT 14/02/2012 One of seven lenders, term loan mandated arranger Project finance fixed US$700m Undisclosed Krakatau POSCO PT 14/02/2012 Mandated arranger term loan Project finance fixed US$529m US$82m Krakatau POSCO PT 14/02/2012 One of seven lenders, term loan mandated arranger Capital expenditures US$243m US$50m POSCO Maharashtra 04/04/2012 One of five lenders, fixed term loan Steel PVT LTD mandated arranger General corporate US$209m US$30m POSCO Assan Tst 24/04/2012 One of five lenders, and capital Celik Sanayi AS mandated arranger expenditures fixed term loan Capital expenditures US$243m US$50m POSCO Vietnam 03/07/2013 One of seven lenders, fixed term loan CO LTD mandated arranger TOTAL US$2.4bn At least US$290m Financial statements from 2014 310 and 2015 311 list a currency forwards contract with a maximum credit amount of US$20m provided by HSBC. TIMELINE 2012 2013 2014 2015 2016 HSBC ENVIRONMENTAL POLICIES LOANS, BONDS AND SERVICES BREACHES OF HSBC POLICY RSPO COMPLAINTS No RSPO complaints have been raised against any part of POSCO Daewoo as it is not an RSPO member. BREACHES OF HSBC POLICY PT Bio Inti Agrindo (PT BIA) concession, Papua • Deforestation for plantation development • Clearance of HCV forest • Apparent use of fire for land clearance • Violation of the rights of local communities, lack of FPIC, and other significant social conflicts • Not a member of the RSPO OTHER BANKS LINKED TO POSCO DAEWOO DIRTY BANKERS 37
Page 1 and 2: DIRTY BANKERS HOW IS FINANCING FORE
Page 3 and 4: CONTENTS PALM OIL: A RISK FOR THE E
Page 5 and 6: PALM OIL: A RISK FOR THE ENVIRONMEN
Page 7 and 8: HSBC Holdings plc, headquartered in
Page 9 and 10: BUMITAMA HSBC provided loans (as pa
Page 11 and 12: POLICY IMPLEMENTATION AND RESPONSIB
Page 13 and 14: without having filed New Planting P
Page 15 and 16: LEGAL PERMITS REQUIRED TO ESTABLISH
Page 17 and 18: S E I A PAPUA © Greenpeace © EIA
Page 19 and 20: Companies: Group: Headquarters: Sto
Page 21 and 22: April 2013, PT Ladang Sawit Mas: In
Page 23 and 24: The RSPO New Planting Procedure doc
Page 25 and 26: Company: Group: Headquarters: Stock
Page 27 and 28: CASE STUDY: PT NABIRE BARU Location
Page 29 and 30: STATEMENTS PRODUCER COMPANY Prior t
Page 31 and 32: CURRENT KNOWN LINKS WITH HSBC Compa
Page 33 and 34: principles, with certification susp
Page 35 and 36: Company: Group: Headquarters: Stock
Page 37 and 38: CASE STUDY: PT HENRISON INTI PERSAD
Page 39: local communities. 298 It does note
Page 43 and 44: CASE STUDY: PT BIO INTI AGRINDO Loc
Page 45 and 46: June 2016, PT Bio Inti Agrindo: 6º
Page 47 and 48: CURRENT KNOWN LINKS WITH HSBC LOANS
Page 49 and 50: Isuy Makmur Estate Pahu Estate Keda
Page 51 and 52: In February 2013 the NGO Centre for
Page 53 and 54: PT Gunta Samba (PT GS) and PT Gunta
Page 55 and 56: Commissioner of PT Indofood CBP Suk
Page 57 and 58: In February 2013, when the Centre f
Page 59 and 60: 18 September 2013, PT Ladang Sawit
Page 61 and 62: 15 May, 2012 Palm fruit ©greenpeac
Page 63 and 64: BANK POLICY REQUIREMENTS FOR PALM O
Page 65 and 66: the potential for greatest influenc
Page 67 and 68: 2013, East Kalimantan: A young oran
Page 69 and 70: kelapa sawit PT KBAS 1 dan KBAS 2 y
Page 71 and 72: terhadap kehidupan masyarakat adat
Page 73 and 74: DIRTY BANKERS 69
Page 75 and 76: METHODOLOGY Mapping analysis: Mappi
Page 77 and 78: 15 July 2013, Manokwari: A tree in
Page 79 and 80: savages HSBC’s Noble intentions
Page 81 and 82: http://www.thisisnoble.com/corporat
Page 83 and 84: 16 July 2013, Manokwari: A black-ca

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