Singapore banks flagged for financing Indonesian conglomerate Harita’s coal-powered nickel smelters
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SINGAPORE - The three local banks in Singapore have been flagged by an environmental advocacy group for financing coal-powered nickel smelters and refineries run by Indonesia’s Harita Group.
OCBC has topped the list of financial institutions that are said to have loaned money to the conglomerate, whose core business is in the natural resources sector. According to a recent report by environmental group Market Forces, the total amount loaned since 2018 came up to US$635 million (S$850 million)
