ING, Rabobank accused of funding granite companies that use child labor
ING and Rabobank provided loans to three Dutch importers who purchase granite from quarries that use child labor, according to research from banking watchdog the Eerlijke Bankwijzer, RTL Nieuws reports.
Profundo did this study on behalf of the watchdog based on previous research that found that labor rights and human rights are often violated in the mining of granite, including the use of child labor. Dutch importers buy granite from Indian quarries where such abuses occur.
ING and Rabobank provided financing to some of these importers. ING gave loans to wholesaler Kerasom, and Rabobank to Jetsone and natural stone company Michel Oprey & Beisterveld.
The Eerlijke Bankwijzer, or Fair Bank Guide in English, points out that ING and Rabobank endorse international labor rights in their policies. The banking watchdog calls on the banks to 'make clear, time-bound agreements with their clients about good working conditions and safety for employees and to eliminate child labor and debt slavery", according to the broadcaster.
The Eerlijke Bankwijzer is an initiative of Amnesty International, FNV, Milieudefensie, Oxfam Novib, PAX and World Animal Protection. In previous studies, the watchdog called Dutch banks out for, among other things, investing in massive amounts into fossil fuels and in nuclear weapons and arms programs.