“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.

Taiwan’s Defense Department Against Manufacture and Investment in Mass Destruction Weapons

Legislature Bi-khim Hsiao asked the Ministry of National Defense about their attitude towards domestic financial institutions’ (Hua Nan Commercial Bank, Land Bank of Taiwan, E. Sun and Taipei Fubon) continued investment in the U.S. cluster bomb manufacturer ATK (Alliant Techsystems)

On 26 December 2013, during the Parliament questioning time, Deputy Defense Minister Andrew Hsia in the Legislative Yuan expressly pointed out that, although Taiwan is unable to sign onto the international conventions, based on a responsible member of the international society, Taiwan will not develop, neither produce, the mass destruction weapons which prohibited by the international treaties/conventions, including nuclear weapons. In the meantime, Taiwan’s financial institutions should comply with the relevant international norms and should not be involved in providing loans to or investing in the foreign arms companies which are in violation of any international conventions, or manufacturing mass destruction weapons.

[youtube http://youtu.be/UpaMSljPyLQ]

1212 “Stop Explosive Investments” Global Day of Action

Press Conference Media Release (12/12/2013)
“Stop Explosive Investments” Global Day of Action

Three Taiwanese Banks Asked to Stop Investments in Cluster Munitions Producer

December 12 is the “Stop Explosive Investments” Global Day of Action. Corner Link, Taiwan Labor Front, Taiwan Friends of Global Greens and Green Consumer Foundation, together with Legislature Bi-Khim Hsiao and Legislature Chiu-Chin Tien, host the press conference to ask Chang Hwa Commercial Bank, First Financial and Hua Nan Financial to stop providing loans to ATK (Alliant Techsystems Inc.) for producing cluster munitions.

Press Conference, Left to Right: Joyce Fu, Congresswoman Chiu-Chin Tien, Yu-Lian Son, and Han-Chiang Pan (Photo taken by Tzuying Wu)

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 were still used in Afghanistan, Iraq, Libya and Syria. The unexploded rate could reach as high as 30%. Long after a conflict has ended, unexploded bombies can still kill or injure civilians, and most of them are kids. After 40 years of Vietnam War, Laos is still suffered from the cluster bombs dropped by the Americans.

According to “Worldwide Investments in Cluster Munitions: a shared responsibility”, in October 2010, ATK secured a US$1,000 million five-year credit facility, comprising a US$600 million revolver and a US$400 million term loan. Chang Hwa Commercial Bank, First Financial and Hua Nan Financial were parts of the syndicate of 20 banks and provided US$10, 10 and 15 millions respectively. According to ATK 2013 Q3 Financial Statement, as of 29 September 2013, Chang Hwa Commercial Bank has invested US$6.125 millions, First Financial US$6.125 millions and Hua Nan Financial US$9.1875 millions.

The Convention on Cluster Munitions entered into force on 1 August 2010 which prohibits all use, production, transfer and stockpiling of cluster munitions. As a responsible member of the international society, as well as CSR (corporate social responsibility) of the financial institutes, we ask these three Taiwanese banks to change their investment policy and promise not to invest in any cluster munitions producers in the future.

*Please check out the link to the video shown at the press conference. Thanks to Avis Chang for editing it.