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Brazilian banks sued for funding deforestation

Prosecutors say banks loaned millions to farms that broke environmental and employment laws

Brazil’s state-run Banco do Brasil is accused of approving 55 loans worth $5 million to farmers convicted of violating environmental laws in the Amazon region, the BBC reports. Prosecutors in the state of Para say they uncovered the 55 loans, along with another 37 worth $11 million from the smaller Banco da Amazonia. The Brazilian public prosecutors office is quoted as saying, “The discovery of this this irregular financing shows that this is a generalized problem.” Now it’s up to the courts to decide if they’ll take the case. If the banks are accused of wrongdoing, they’ll be liable for a fine.

http://www.globalpost.com/dispatches/globalpost-blogs/bric-yard/brazilian-banks-sued-funding-deforestation

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