DBS’ inclusion in Australian human rights complaint spotlights banks’ rising ESG litigation risks

A COMPLAINT filed in Australia against DBS and 11 other international banks reflects the growing litigation risks that financial institutions are likely to face over environmental, social and governance (ESG) issues.

A group of indigenous Australians had on Tuesday (Apr 4) called for the banks to withdraw a US$1 billion syndicated loan provided to Australian energy company Santos, on the basis that the Barossa gas project it operates has caused both human rights and environmental impact.

DBS is said to have contributed US$60 million to the syndicated loan, while UOB provided US$50 million, according to a report from The Straits Times (ST), though it is not among the group of lenders that were served the complaint.