Research by the Belgian NGO Netwerk Vlaanderen reveals that European banks such as Axa, Dexia, Fortis, ING and KBC invest in controversial weapons systems - including cluster bombs, anti personnel mines, nuclear and uranium weapons.
In October 2003, Netwerk Vlaanderen and its partners in the Belgian peace movement released their first report as part of the campaign My Money. Clear Conscience?. This report revealed that the five largest banks in Belgium (Axa, Dexia, Fortis, ING and KBC) maintain a combined investment of $1.5 billion in 11 international weapons producing companies.
Netwerk Vlaanderen is now bringing new facts to light in a second report. This report focuses on the links between the same five bank groups and the production of controversial weapon systems such as landmines, cluster bombs, nuclear weapons and uranium weapons.
The report reveals that AXA holds shares (6,6%) in ATK, a producer of cluster bombs, and weapons with depleted uranium. Artesia Bank, a subsidiary of the Dexia group, has given bank guarantees worth $1.9 million to Forges De Zeebrugge, a Belgian company that develops, produces and tests missile systems, including cluster bombs and cluster munitions. Fortis Bank, too, has given bank guarantees to Forges De Zeebrugge, worth $900,000 and $137,000.
As part of an international banking syndicate, ING has given a credit facility of up to $100 million to EADS, a European producer of nuclear weapons and cluster bombs, amongst other things. All of the above banks offer two investment funds on the Belgian market that invest in Singapore Technologies Engineering, a producer of anti-personnel mines.
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