CAO Cases

Arne Hoel, The World Bank

East Asia & the Pacific

Cambodia / TPBank and VPBank-01/Ratanakiri Province

Local community members (the complainants) supported by international, national and local NGOs
Date Filed
March 12, 2019
Loss of land, compensation, impacts on cultural practices, water sources, lack of information and consultation
Case Status
Open - Ombudsman


Project Overview

IFC has two active investments in Tien Phong Commercial Joint Stock Bank (“TPBank”) – consisting of a $18.35 million equity and up to $100 million debt (up to $60 million A loan; up to $22.5 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program; and up to $17.5 million syndicated loan). IFC has two active investments in Vietnam Prosperity Joint Stock Commercial Bank (“VP Bank”) – comprising a $57 million quasi-equity, an up to $50 A loan, and an up to $50 B loan. 



In March 2019, CAO received a complaint regarding IFC’s investment in the two IFC Financial Intermediary clients, TPBank and VPBank, related to their investments in Hoang Anh Gia Lai (HAGL), a Vietnamese company active in real estate, rubber manufacturing, energy, and mining.  At the time CAO received the complaint, both TPBank and VPBank were actively invested in HAGL.  The complaint concerns a range of social and environmental impacts related to HAGL’s rubber plantation operations in Ratanakiri, Cambodia. The environmental and social concerns raised in the complaint include loss of land, impacts on water sources, as well as on cultural and indigenous practices. The complaint was filed by NGOs Inclusive Development International, Equitable Cambodia, Highlanders Association, and Indigenous Rights Active Members, on behalf of 12 communities in Ratanakiri. 


This is the second complaint that CAO has received in relation to HAGL’s Cambodia operations. The first complaint, lodged in 2014, was found eligible based on IFC’s investment in Dragon Capital’s VEIL fund. CAO facilitated a dispute resolution process between the community representatives and HAGL. For more information about the first HAGL complaint:   


CAO Action

CAO found the complaint eligible for further assessment in April 2019 and has begun an assessment of the complaint.



The assessment of the case is underway. 


Status as of July 3, 2019

Project information

Project Name & Number
TPB Quasi Equity (37920); TPB Senior Loan (41043); VPBank Quasi Equity (39020); VPBank Senior Loan (38038)
Financial Markets
TPBank and VPBank
Commercial Banking
East Asia & the Pacific
Environmental Category
TP $18.35m EQ $100m LN; VP $57m quasi-EQ $100m LN

Case Tracker


  • Eligible: Completed
  • Assessment Period: In Process


Useful Links