CAO Cases

Arne Hoel, The World Bank

Sub-Saharan Africa

Guinea / Nedbank-01/Kintinian

Complainant
Local community members
Date Filed
April 27, 2017
Concerns
Forced displacement from land, compensation, livelihood concerns
Case Status
Open - Ombudsman
 

Synopsis

Project Overview

IFC has an active project with Nedbank, which consists of a subordinated Tier II qualifying loan or instrument. IFC indicates that the project aims to facilitate Nedbank's longer-tenor lending programs for: 1) black Economic Empowerment financing that will result in significant ownership transfer to previously-disadvantaged individuals and communities; 2) development and mortgage financing for the currently under-served affordable housing segment; and, 3) cross-border corporate lending across Africa, including capital intensive projects that support sustainable economic growth.

 

According to IFC, Nedbank is one of the leading South African banking groups. As per publicly available information published on the US Securities and Exchange Commission’s website, Nedbank granted a general-purpose loan to AngloGold Ashanti in 2015.

 

In April 2017, local community members neighboring the expansion of the Siguiri’s gold mine in Guinea filed a complaint with the CAO with the support of Centre de Commerce International pour le Developpement (“CECIDE”), Les Memes Droits Pour Tous (“MDT”), and Inclusive Development International (IDI). The complaint raises concerns with regards to the resettlement process conducted by AngloGold Ashanti’s Guinean subsidiary, when a decision was taken to expand Siguiri’s gold mine in Guinea to the area where the complainants used to live (Area One). The complainants further allege that AngloGold Ashanti has failed to properly compensate them after resettlement, and to take the adequate measures to restore their livelihoods. 

 

CAO Action

CAO found the complaint eligible for further assessment in June 2017 and has begun an assessment of the complaint.

 

Status

The assessment of the case is underway.

 

Note: A CAO assessment does not entail a judgment on the merits of complaints. Rather, the aim is to listen to people's concerns, understand the different perspectives, and gauge whether it is possible to address the concerns in a collaborative process.

 

Status as of July 7, 2017

Project information

Institution
IFC
Project Name & Number
Nedbank 26014
Department
Global Financial Markets
Company
Nedbank Group Ltd
Sector
Banking
Region
Sub-Saharan Africa
Country
Guinea
Environmental Category
FI
Commitment
Debt up to ZAR1billion ($139 million equivalent)

Case Tracker

Ombudsman

  • Eligible: Completed
  • Assessment Period: In Process

Compliance