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Australia's ANZ to compensate Cambodian families over land loss

Bank admits due diligence 'failings' in loan to sugar company that bulldozed villages

ANZ has acknowledged "failings" in its due diligence regarding a $40 million loan to a Cambodian sugar plantation operator.    © Reuters

PHNOM PENH -- Australia's ANZ will compensate hundreds of families forcibly evicted by a Cambodian sugar plantation and refinery to which it loaned $40 million a decade ago.

Experts say the settlement sets an important precedent for how other major banks deal with human rights issues, particularly in emerging markets, and could influence other ongoing disputes.

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