Banks| Dodgy Deals| Map| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Join our Active Allies list
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2020-12-22 00:00:00
Blog: In 2020, the Equator Principles struggle to remain relevant
2020-12-14 00:00:00
The battle to stop Line 3 is heating up on the ground and across the US
2020-12-14 00:00:00
Corporate accountability and the just transition: Frameworks for holding corporations accountable for climate change
2020-12-12 00:00:00
Five years since the Paris Agreement, are banks' 2050 pledges enough to reign in fossil fuel finance?
2020-09-24 12:53:20
Oscislowo open-pit coal mine cancelled
2020-09-08 13:07:41
Strengthened OECD guidance on responsible banking
2020-02-25 10:35:27
JPMorgan Chase Coal and Arctic Policy a step forward but fails to match its climate responsibility as the world’s #1 Fossil Bank
2020-02-18 17:27:23
Civil society groups welcome Royal Bank of Scotland preparing to exit fossil fuels
Connect
2020-11-30 00:00:00
Soft Commitments, Hard Lessons: an analysis of the Soft Commodities Compact
2020-11-24 00:00:00
"Trust Us, We're Equator Banks": Part II
2020-11-18 00:00:00
Crude Risk: Risks to banks and investors from the East African Crude Oil Pipeline
2020-09-16 00:00:00
Principles for Paris-Aligned Financial Institutions: Climate Impact, Fossil Fuels and Deforestation
2020-08-17 00:00:00
"Trust Us, We're Equator Banks": Part I
2020-03-18 00:00:00
Banking on Climate Change - Fossil Fuel Finance Report 2020
See all publications
Browse
Home
Banks
Dodgy Deals
Map
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook page
Twitter channel
Home › News
Deutsche Bank under pressure as Chinese Government joins Greenpeace, condemning bungled IPO
Start
Banks

By: Greenpeace
2014-10-15
Beijing / Hong Kong

Contact:

Elsa Lee, Senior Business Advisor, Greenpeace East Asia

Phone: +852 96882548

Email: elsa.lee@greenpeace.org


Share this page:

The Chinese government has criticized as "misleading" a bungled initial public offering (IPO) that Deutsche Bank organised for one of China's largest tuna longline companies. The IPO has been suspended after Greenpeace exposed serious material omissions in China Tuna Industry Group's (CTI) preliminary prospectus to raise US$150 million, which was to be used to expand its fishing of vulnerable tuna species in the Pacific Ocean.

Greenpeace has written to Deutsche Bank , seeking clarification about its relationship with CTI, how it allowed the deal to go ahead in the first place, and asking the bank to withdraw from the IPO.

"Overfishing is business suicide for fishing companies, and a risk to investors. This scandal is a warning to financial institutions like Deutsche Bank, and investors in the fishing sector not to risk their reputations by dealing with companies that pillage our oceans. We wait to hear how Deutsche Bank intends to fix its social and environmental risk framework, a framework that should have prevented the IPO application from happening in the first place," said Elsa Lee, Senior Business Advisor at Greenpeace East Asia.

CTI hoped to use the money from the share offering to expand its longline fleet targeting bigeye tuna in the Pacific Ocean, but the IPO was postponed after Greenpeace exposed significant investor risk to the Hong Kong Stock Exchange. The draft prospectus understated the supply risk to investors, citing an outdated stock assessment for the now overfished bigeye tuna and revealing a business plan based on ignoring catch limits and penalties set by regional fisheries management organisations (RFMOs).

In a reply letter to Greenpeace, dated 30 September, China's Bureau of Fisheries confirmed it is conducting an internal investigation into CTI. The Bureau of Fisheries stated that, "The (draft) prospectus has gravely misled investors and the international community, and caused a tremendous negative impact." Threatening further action, the Bureau states "...the company's actions are already in violation of relevant laws and regulations." The Bureau has called on Dalian Ocean Fishing Company Ltd, the fishing subsidiary of CTI, to halt any attempts to list its offshore fisheries businesses, and to account to the Bureau on how it is handing the situation.

"Greenpeace welcomes this strong stand from the Chinese government. It is now crucial that we prevent deals that fuel any increased overfishing in distant waters from happening. As a first step, we urge the financial sector, including Deutsche Bank, to remove itself from unsustainable business such as CTI," said Lee.

Much of the global longline fleet operates out of control and out of sight. Over 5000 vessels roam the oceans with little controls to ensure they are fishing legally, sustainably, or ethically. There is huge bycatch of endangered marine animals as well as serious overfishing, and depletion of species such as yellowfin, albacore, bluefin, and bigeye - the species primarily fished by CTI.

Notes to editor:

1.    The letter Greenpeace sent to Deutsche Bank can be provided upon request.

2.    Excerpts from the response from China Ministry of Agriculture Bureau of Fisheries to Greenpeace. A translation of the response can be provided upon request.

Related banks

Deutsche Bank Germany

active
Browse
Home
Banks
Dodgy Deals
Map
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook page
Twitter channel
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted