“Stop Explosive Investments” Global Day of Action Hua Nan Financial in the Hall of Shame

Media Release 27112014

“Stop Explosive Investments” Global Day of Action

Hua Nan Financial in the Hall of Shame

November 27 is the “Stop Explosive Investments” Global Day of Action. Corner Link, SafeGround and Socialist Alliance hold a protest in front of Hua Nan Commercial Bank Sydney Branch and deliver a letter to the bank manager to demand Hua Nan Financial Holdings, one of the biggest and the oldest financial institutions in Taiwan, to stop providing loans to ATK (Alliant Techsystems Inc. a US weapon company), of which produces cluster munitions.

Today sees the release of the 2014 edition of the most comprehensive global report on financial investment in explosive weapons. The 2014 “Worldwide investments in cluster munitions: a shared responsibility’’ ( the Report) produced by the Dutch peace organisation, PAX, points the finger at Hua Nan Financial Holdings for its investment in the huge American arms manufacturer ATK.

According to the Report, in November 2013, ATK secured a US$1,960 million five-year credit facility from a 41-bank syndicate. E. Sun, Fubon Group, Hua Nan Financial and Land Bank of Taiwan were parts of the syndicate and provided US$15, 10, 15 and 15 million, respectively.

A cluster munition is a form of air-dropped or ground-launched explosive weapons that releases or ejects smaller submunitions. Because cluster bombs release many small bomblets over a wide area, they pose risks to civilians both during attacks and afterwards. They cannot distinguish civilians from soldiers.

In recent years, cluster munitions are still used in Afghanistan, Iraq, Libya, Syria and eastern Ukraine. The unexploded rate could reach as high as 15%. Long after a conflict has ended, unexploded bombs can still kill or injure civilians, and most of them are children.

The Convention on Cluster Munitions entered into force on 1 August 2010 which prohibits all use, production, transfer and stockpiling of cluster munitions. As of 1 November 2014, a total of 115 states have joined the Convention. Although Taiwan is unable to sign onto the international conventions, as a responsible member of the international society, as well as CSR (corporate social responsibility) of the financial institutes, we ask these four Taiwanese banks to change their investment policy and promise not to invest in any cluster munitions producers in the future.

We call upon the Hua Nan Financial Holdings to join other ethical investors and to immediately amend its investment policy, withdrawing all investments from ATK.

Contacts:

Joyce Fu, Corner Link, 0405 365 493, jfu@cornerlink.asia

Patricia Garcia, SafeGround, 0409 890 777 patriciadianagarcia@gmail.com

Peter Boyle, Socialist Alliance, 0401 760 577, peterb@greenleft.org.au

“Stop Explosive Investments” Global Day of Action Macquarie Group in the Hall of Shame

Media Release 27112014            

“Stop Explosive Investments” Global Day of Action

Macquarie Group in the Hall of Shame

November 27 is the “Stop Explosive Investments” Global Day of Action. Corner Link, SafeGround and Socialist Alliance hold a protest in front of Macquarie Group and deliver a letter to CEO Nicholas Moore to demand Macquarie Group ending managing asset (shares) for Poongsan, a leading defence company in South Korea, of which produces cluster munitions.

Today sees the release of the 2014 edition of the most comprehensive global report on financial investment in explosive weapons. The 2014 “Worldwide investments in cluster munitions: a shared responsibility’’ produced by the Dutch peace organisation, PAX, points the finger at the Macquarie Group for its investment in the huge South Korean arms manufacturer, Poongsan.

Australia is a State Party to the Convention on Cluster Munitions and for the Macquarie Group to hold investments in Pongsoon flies in the face of an Australian commitment to eradicate these indiscriminate and inhumane weapons.

A cluster munition is a form of air-dropped or ground-launched explosive weapons that releases or ejects smaller submunitions. Because cluster bombs release many small bomblets over a wide area, they pose risks to civilians both during attacks and afterwards. They cannot distinguish civilians from soldiers.

In recent years, cluster munitions are still used in Afghanistan, Iraq, Libya, Syria and eastern Ukraine. The unexploded rate could reach as high as 15%. Long after a conflict has ended, unexploded bombs can still kill or injure civilians, and most of them are children.

The Convention on Cluster Munitions entered into force on 1 August 2010 which prohibits all use, production, transfer and stockpiling of cluster munitions. As of 1 November 2014, a total of 115 states have joined the Convention and Australia signed onto the Convention in Dec 2008. Macquarie Group, as an Australian company, has undermined the commitment Australia has made to ban these weapons and run counter to its obligations under international law.

Quite the contrary to Macquarie Group, the Futures Fund maintains a policy of non-investment in financial institutions that contravene certain treaties, including the Convention on Cluster Munitions. The Future Fund maintains an exclusion list to implement its policy. The list currently contains all the weapons manufacturers of cluster munitions and antipersonnel mines

The ANZ has revised its investment policy to specify that the bank will not accept any new clients involved in controversial weapons, such as cluster munitions, and also provides a model for the Macquarie Group to follow.

We call upon the Macquarie Group to join other ethical investors and to immediately amend its investment policy, withdrawing all investments from Poongsan.

Contacts:

Joyce Fu, Corner Link, 0405 365 493, jfu@cornerlink.asia

Patricia Garcia, SafeGround, 0409 890 777 patriciadianagarcia@gmail.com

Peter Boyle, Socialist Alliance, 0401 760 577, peterb@greenleft.org.au

Macquarie Group and Hua Nan Financial Holdings, Stop Investing in Cluster Bombs!

Media Alert 26112014

Macquarie Group and Hua Nan Financial Holdings

Stop Investing in Cluster Bombs!

“Stop Explosive Investments” Global Day of Action

 Note: Detailed investment information on Hua Nan Financial Holdings and Macquarie Group’s investment in cluster munitions will be provided on the day of action.

Date/Time: 27 November 2014 (Thursday) 12:50 pm – 1:30 pm

12:50 pm Hua Nan Commercial Bank Sydney Branch

                 (Level 6, 60 Carrington Street, Sydney)

1:15 pm Macquarie Group (No. 1 Martin Place, Sydney)

November 27 is the “Stop Explosive Investments” Global Day of Action. Corner Link, SafeGround, Socialist Alliance and Australian Greens will hold a SNAP protest in front of both Hua Nan Commercial Bank Sydney Branch and Macquarie Group, as well as deliver a letter to the bank managers to demand Hua Nan Financial Holdings, one of the biggest and the oldest financial institutions in Taiwan, and Macquarie Group, one of the biggest financial institutions in Australia, to stop providing loans to ATK (Alliant Techsystems Inc. a US weapon company), as well as to stop managing asset (shares) for Poongsan (a leading defence company in South Korea), of which both produce cluster munitions.

A cluster munition is a form of air-dropped or ground-launched explosive weapons that releases or ejects smaller submunitions. Because cluster bombs release many small bomblets over a wide area, they pose risks to civilians both during attacks and afterwards. They cannot distinguish civilians from soldiers. In recent years, cluster munitions are still used in Afghanistan, Iraq, Libya, Syria and eastern Ukraine. The unexploded rate could reach as high as 15%. Long after a conflict has ended, unexploded bombs can still kill or injure civilians, and most of them are children.

The Convention on Cluster Munitions entered into force on 1 August 2010 which prohibits all use, production, transfer and stockpiling of cluster munitions. As of 1 November 2014, a total of 115 states have joined the Convention and Australia signed onto the Convention in Dec 2008. Macquarie Group, as an Australian company, has undermined the commitment Australia has made to ban these weapons and run counter to its obligations under international law.

In addition, Macquarie Group and Hua Nan Financial Holdings need to follow the CSR (corporate social responsibility) policy of the financial institutes. We demand both Macquarie Group and Hua Nan Financial Holdings change their investment policy and promise not to invest in any cluster munitions producers in the future.

Note: 2014 “Worldwide investments in cluster munitions: a shared responsibility” report is under strict embargo until 27 November 2014, 12.00 PM AEDT.

Transfield Services AGM Protest

Press Release 05/11/2014

Transfield Shame: Stop the Cruelty at Offshore Detention Centres – Blood money boosts Transfield Profits

Refugee Action Coalition Sydney, along with Corner Link, gather in front of Museum of Sydney today to protest at Transfield’s  AGM against its inhumane and cruel management of the offshore refugee detention centres located in Nauru and Manus Island.

According to Guardian Australia, Government’s policy of mandatory detention for asylum seekers has benefited contractors by up to $10bn since mid-2007. Of this, Transfield Services Limited has nine contracts worth a total of $2.46bn, including a contract for $2.1bn to manage the offshore detention centres on Manus Island and Nauru.  An estimate of government spending on each asylum seeker which considered all costs (rather than just contracts) and put the cost of offshore detention per person at about $440,000 in 2013-14, and onshore at $239,000.

However, the protest organizer, Ian Rintoul of the Refugee  Action Coalition points out, “Transfield is trading in human misery and profiteering from the human rights abuses of the Government’s off-shore processing regime.

“The company cannot even maintain basic supplies of water and electricity on Nauru or Manus Island. Manus Island is an unsanitary hell-hole that killed Hamid Kezaie.

“Transfield is also responsible for routinely using physical force to intimidate and suppress peaceful protests inside the detention centres it controls.

“In recent weeks, peaceful protests in the family camp of Nauru have been attacked by Transfield thugs, who have also been responsible for assaults carried out during forced searches in the camp.

“We call upon Transfield to end its collaboration with the Australian Government’s offshore processing regime.

“The government’s current mandatory detention and offshore processing policies ignore Australian humanitarian obligations to provide protection to refugees. Blood money is boosting Transfield’s profits. It is a stain Transfield will never recover from.”

Transfield has already been the target of boycott by artists associated with the Biennale of Sydney that resulted in the Biennale terminating its links with Transfield earlier this year. Transfield is also the target of a superannuation disinvestment campaign because of its complicity in violating the human rights of asylum seekers.

Joyce Fu, from Corner Link said, “As a public company listed on ASX, Transfield Service has the obligation to meet its corporate social responsibility agenda. What has happened in detention centres on Nauru and Manus Island is not acceptable.

“This type of inhumane and cruel practice has seriously damaged its reputation and has shown its incompetence to fulfil a humanitarian role. Furthermore, it is obvious that mandatory detention and  offshore processing is based wholly on deterrence and the systematic denial of the protection that asylum seekers need.”

Contacts:

Ian Rintoul, Refugee Action Coalition, +61 (0) 417 275 713, rintoulian10@gmail.com (wwwrefugeeaction.org.au)

Joyce Fu, Corner Link- Taking actions to promote environmental and social justice, +61 (0) 405 365 493, jfu@cornerlink.asia