| Three NGOs & Ecumenical Development Cooperative Society U.A. (Oikocredit) | |
|---|---|
| Lead NCP | Netherlands |
| Supporting NCP(s) | |
| Description | Specific instance alleging a non-observance of the OECD MNE Guidelines. |
| Theme(s) | General policies, Human rights, Consumer interests |
| Date | 12 Dec 2022 |
| Host country(ies) | Cambodia |
| Source | NGO |
| Industry sector | Activities of extraterritorial organisations and bodies |
| Status | In progress |
| Summary | Read the Initial Assessment published by the NCP on 15 September 2023: English On 12 December 2022, three NGOs, the Cambodian League for the Promotion and Defense of Human Rights (LICADHO), Equitable Cambodia (EC), and FIAN Germany, submitted a specific instance to the Dutch NCP alleging that Ecumenical Development Cooperative Society U.A. (Oikocredit), a worldwide cooperative and social investor, had not observed the General Policies (Chapter II), Human Rights (Chapter IV), and Consumer Interests (Chapter VIII) provisions of the Guidelines. Specifically, issues related the activities and conduct of Oikocredit in relation to its financing of Prasac Microfinance Institution Plc. (Prasac), LOLC (Cambodia) Plc. (LOLC), and Amret Plc. (Amret) – three Cambodian microfinance institutions (hereinafter MFIs) linked to threats and intimidation, predatory lending practices, coerced sale of land including land owned by Indigenous Peoples, child labour, loss of home and livelihood, forced migration, food insecurity, and termination of children’s education. On 15 September 2023, the NCP published an initial assessment deciding to accept the case for further examination. The NCP made an offer of good offices, which both parties accepted. On 19 March 2024, the NCP published a press release updating on the ongoing progress of the dialogue facilitated by the NCP. The good offices phase is ongoing. #contributed #directlylinked #stakeholderengagement #disengagementandde-risking #remedy #duediligence #ESCR #indigenousrights #labourrights #deceptivemarketing #institutionalinvestors #institutionalinvestor |
