Wednesday 22 January 2014

ANZ lack of due diligence and abandonment of ethical lending obligations in lending to controversial Cambodian sugar plantation that employs children


Beware of not completing proper due diligence and adhering to integrity commitments.....


ANZ is said to be financing a Cambodian sugar plantation, owned by Ly Yong Phat, one of Cambodia's richest men and a senator from its ruling political party. 


Audits apparently reveal that the plantation involves child labour, military-backed land grabs, forced evictions and food shortages thus not implementing the environmental, health and social management programs required by ANZ to meet its ethical lending obligations.

Read more: http://www.smh.com.au/national/anz-under-fire-for-loans-to-controversial-cambodian-sugar-plantation-20140122-3196z.html#ixzz2rAbCQKnb


We know to protect ourselves from Personal Identity Theft but what about Business Identity Theft?

Business identity theft can be described as the misappropriation of an organization's tax identification number or other sensitive information necessary to imitate the identity of the business for illicit purposes. Criminals obtain tax identification numbers through various means, such as searching for them online, examining filings with securities regulators, reviewing tax forms, phishing or social engineering.


This articles mention some US fraud schemes but it is not beyond imagination that the activity is global given that business data is easily available online in many databases.


For more read:http://www.acfe.com/fraud-examiner.aspx?id=4294981064