ANZ 1.44% $19.78 australia and new zealand banking group limited

they do not care

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    ANZ Bank has responded to accusations that it failed to act after serious concerns were raised about a mine it financed in the Phillippines.

    Aid organisation Oxfam says spillages of cyanide-laden waste from the mine have contaminated seas around Rapu Rapu Island, killing fish and destroying the local economy.

    The bank has not denied the claims but says it believes the companies it funds are best placed to deal with issues raised by local communities.

    It has also stressed that its ties to the company ended when the mine went bankrupt earlier this year.

    Oxfam spokeswoman Shanta Martin says the bank continued to support the Australian-owned mine even after the community had voiced its concerns.

    "There needs to be greater regulation of these sort of situations," she said.

    "What we're all seeing with the current financial crisis is that there's been a real failure in terms of making sure that there is regulation over corporate excess.

    "And this really demonstrates that this is not only important for financial outcomes, but it's really important for those local communities."
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