ING withdraws finance for Botnia paper mill in Uruguay
The Center for Human Rights and Environment (CEDHA) in Argentina threw its support behind the ongoing campaign to stop the controversial Botnia paper mill in Uruguay and lodged the world's first ever Equator Principle compliance complaint against ING Group. ING subsequently withdrew its share in a US$480m finance package for the mill. After Nordea Bank stepped in to replace ING, CEDHA filed an OECD complaint, which (although not upheld) firmly established the applicability of the Guidelines to the finance sector. Sadly, the pulp mill was built and is now in operation.