{"id":360146,"date":"2011-04-02T08:18:00","date_gmt":"2011-04-02T08:18:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/02\/brazil-banks-sued-for-amazon-deforestation\/"},"modified":"2011-04-02T08:18:00","modified_gmt":"2011-04-02T08:18:00","slug":"brazil-banks-sued-for-amazon-deforestation","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/02\/brazil-banks-sued-for-amazon-deforestation\/","title":{"rendered":"Brazil banks sued for Amazon deforestation"},"content":{"rendered":"
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You Are Here: Home<\/a> \u00bb Africa\/International<\/a> \u00bb Brazil banks sued for Amazon deforestation<\/p>\n

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\t\t\t \tPage last updated at Saturday, April 2, 2011 8:08 AM \/\/ <\/span>\n\t\t\t <\/div>\n

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\"\"<\/a>Brazil\u2019s biggest bank \u2013 the state-run Banco do Brasil \u2013 is being sued for allegedly funding deforestation in the Amazon.<\/p>\n

Public prosecutors say the bank lent money to companies that illegally cleared the rainforest and used labour practices bordering on slavery.<\/p>\n

The smaller state-owned Banco da Amazonia is also being sued.<\/p>\n

Brazil says it has drastically reduced the rate of deforestation in the Amazon in recent years.<\/p>\n

Prosecutors in the state of Para said they had uncovered 55 loans worth nearly $5m (\u00a33m) that the Banco do Brasil approved to farms that had broken environmental and employment laws.<\/p>\n

They also said they had uncovered 37 loans worth $11m given to farms with similar violations by the Banco da Amazonia.<\/p>\n

The loans violated Brazil\u2019s constitution, environmental laws, banking regulations and international agreements signed by Brazil, the independent prosecutors at the Public Ministry said.<\/p>\n

\u201cThe discovery of this this irregular financing shows that this is a generalised problem,\u201d they said in a statement.<\/p>\n

They added that their findings supported studies that showed a direct relationship between public loans and deforestation in the Amazon.<\/p>\n

Denial<\/strong><\/p>\n

The Banco do Brasil denied the allegations, insisting it complied with Brazilian law, but said it would look into the charges on a case-by-case basis.<\/p>\n

The Banco da Amazonia said it would not comment until it had studied the legal documents.<\/p>\n

Brazil\u2019s judicial branch will now have to decide whether to pursue the case.<\/p>\n

If the lawsuits are successful the banks could have to pay compensation.<\/p>\n

The prosecutors have also called for closer regulation and control of how loans are handed out.<\/p>\n

Last year Brazil\u2019s government said deforestation in the Amazon \u2013 the world\u2019s largest tropical rainforest \u2013 had fallen to its lowest rate for 22 years.<\/p>\n

Brazilian officials said the reduction was due to better monitoring and control.<\/p>\n

Brazil says it is on course to meet its target of cutting deforestation by 80% by 2020 as part of international efforts to tackle global warming.<\/p>\n

The cutting and burning of trees in the Amazon has made Brazil a major contributor of the greenhouse gases.
Source: BBC<\/p>\n

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\nBrazil banks sued for Amazon deforestation<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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