{"id":188795,"date":"2021-01-25T15:57:11","date_gmt":"2021-01-25T22:57:11","guid":{"rendered":"https:\/\/www.shockya.com\/news\/?p=188795"},"modified":"2021-01-26T04:44:38","modified_gmt":"2021-01-26T11:44:38","slug":"proparco-gives-human-rights-watch-list-bank-50-million","status":"publish","type":"post","link":"https:\/\/www.shockya.com\/news\/2021\/01\/25\/proparco-gives-human-rights-watch-list-bank-50-million\/","title":{"rendered":"Proparco Gives Human Rights Watch List Bank $50 Million"},"content":{"rendered":"

Why is the French Development Fund working with Cambodian bank Sathapana, a subsidiary of Maruhan Japan, which is on the Human Rights Watch for predatory lending and home seizures related to the pandemic?<\/em><\/p>\n

\"\"<\/a><\/p>\n

Proparco, the private sector funding arm of the French development bank, Agence Fran\u00e7aise de D\u00e9veloppement (AFD), co-owned by institutions such as BNP Paribas, Cr\u00e9dit Agricole, and SocGen, has given $50 million to Sathapana Bank in Cambodia.Sathapana was recently named by Human Rights Watch<\/a> as one of the banks preying on borrowers struggling because of the pandemic. According to HRW, Sathapana has refused to respond to requests to show some mercy rather than seizing homes and land from the nation\u2019s poorest.<\/p>\n

Sathapana is owned by Maruhan Japan, which is under fire for the racist and misogynist policies<\/a> of its CEO, Chang-Woo Han. Mr. Han is a billionaire, listed by Forbes<\/a> as the 6th richest person in Japan.<\/p>\n

\u201cThe hypocrisy is flagrant,\u201d said a longtime Asian financial world watcher. \u201cI\u2019d expect Proparco would have been much more careful in vetting a partner at this level. Particularly in a country like Cambodia that has had a terrible history with corruption and the trauma of genocide.\u201d<\/p>\n

Proparco is involved in seemingly worthy development projects around the world, and has also recently announced major funding in Senegal. According to the Cambodia section of its website<\/a>,
\n\u201cProparco is financing Technical Assistance to develop and implement common lending guidelines for microfinance players in Cambodia to prevent the risk of over indebtedness. This financing is also supporting the implementation of a monitoring and accountability mechanism.\u201d<\/p>\n

The funding for Sathapana is meant to, \u201cIncrease lending by the bank to small and medium-sized enterprises (SMEs) and women entrepreneurs in Cambodia\u201d, according to Guillaume Barberousse<\/a>, Head of Financial Institutions & Inclusion of Proparco, has said.<\/p>\n

\"\"<\/a><\/p>\n

Proparco regional director for North and Southeast Asia Magali Roux told the Phnom Penh Post<\/a> Sathapana Bank plays a key role in Cambodia\u2019s development due to its unique contribution to SME development and the empowerment of women in Cambodia, and it is therefore an ideal partner for Proparco.<\/p>\n

Roux and Barberousse seem unfazed by the disconnect between Proparco\u2019s goals and Sathapana parent company Maruhan\u2019s racist and misogynist actions. CEO Chang-Woo Han has allegedly seized $300 million shares in the company from a shareholder who married an African American man. A lawsuit filed in the U.S.<\/a> alleges Han had the shareholder followed and he tried to confiscate her passport. Allegations of discrimination throughout Maruhan are being investigated.<\/p>\n

Maruhan owns golf courses as well and the Hawaiian partners of its Japanese clubs<\/a> are under fire to drop the association because of the racist policies. These include Maui\u2019s legendary Wailea Golf Club and Oahu\u2019s majestic Ko\u2019Olau Golf Club and other famous clubs.<\/p>\n

\"\"<\/a><\/p>\n

Other companies and organizations backing Proparco include BCPE IOM, CDC Enterprises, Elan PME, the Aga Khan Fund for Economic Development, Banque Marocaine du Commerce, Exteriuer, Bank of Africa Group, the German Investment Corporation, Bouygues, Bollore Africa Logistics, SIPH, ENGIE, and Natixis Solidaire.<\/p>\n

Sathapana has made a statement denying knowledge of the placement on the HRW list.<\/p>\n

Read Human Rights Watch\u2019s full report about Sathapana Bank here: https:\/\/www.hrw.org\/news\/2020\/07\/14\/cambodia-micro-loan-borrowers-face-covid-19-crisis<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Why is the French Development Fund working with Cambodian bank Sathapana, a subsidiary of Maruhan Japan, which is on the Human Rights Watch for predatory lending and home seizures related to the pandemic? Proparco, the private sector funding arm of the French development bank, Agence Fran\u00e7aise de D\u00e9veloppement (AFD), co-owned by institutions such as BNP […]<\/p>\n","protected":false},"author":74,"featured_media":188796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"apple_news_api_created_at":"2021-01-25T22:57:20Z","apple_news_api_id":"03a1fbe2-0042-4647-bb56-6e523caf562d","apple_news_api_modified_at":"2021-01-26T11:44:44Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAQ==","apple_news_api_share_url":"https:\/\/apple.news\/AA6H74gBCRke7Vm5SPK9WLQ","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[43901],"tags":[44019,42688,44018,17017,39707,44014,44021,44015,44016,1120,43934,44020,44017,44013,18786,43938,42691],"class_list":["post-188795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-banking","tag-billionaires","tag-bnp-paribas","tag-business","tag-cambodia","tag-chang-woo-han","tag-guillaume-barberousse","tag-hrw","tag-human-rights-watch","tag-japan","tag-maruhan","tag-microlending","tag-predatory-lending","tag-proparco","tag-racism","tag-sathapana","tag-wealth"],"apple_news_notices":[],"yoast_head":"\nProparco 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Born in Lagos, Nigeria; educated in the United Kingdom and Switzerland; attended the Royal College of Art. Early internet broadcaster \u2014 participated in real-time public coverage during the 1997 Mars landing era using experimental online transmission from Beverly Hills. Founder of FilmOn, one of the earliest global internet television networks offering live and on-demand broadcasting outside legacy gatekeepers. Publisher of SHOCKYA \u2014 reporting since 2010 on systemic corruption inside the entertainment business and its expansion into law, finance, and regulation. Creator of the SIN Network (ShockYA Integrated Network), a federated media and civic-information infrastructure spanning investigative journalism, live TV, documentary, and court-record reporting. Lived and worked for over 40 years inside global media hubs including Malibu, Beverly Hills, London, Hong Kong and Gstaad. Early encounter with Julian Assange during the first Hologram USA operations proved a formative turning point \u2014 exposing the realities of lawfare, information suppression, and concentrated media power. Principal complainant and driving force behind what court filings describe as the largest consolidated media\u2013legal accountability action on record, now before the Eastern Caribbean Supreme Court. Relocated to Antigua & Barbuda and entered sustained legal, civic, and informational confrontation over media power, safeguarding, and accountability at Commonwealth scale.","sameAs":["https:\/\/www.instagram.com\/alkidavid"],"url":"https:\/\/www.shockya.com\/news\/author\/grady\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.shockya.com\/news\/wp-content\/uploads\/boreikeila1.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pnMiA-N75","distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"","distributor_original_site_url":"https:\/\/www.shockya.com\/news","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/posts\/188795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/users\/74"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/comments?post=188795"}],"version-history":[{"count":0,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/posts\/188795\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/media\/188796"}],"wp:attachment":[{"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/media?parent=188795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/categories?post=188795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shockya.com\/news\/wp-json\/wp\/v2\/tags?post=188795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}