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Deutsche Bank, IFC Bankrolling Vietnamese Land Grabs in Cambodia, Laos



  1. The International Finance Corporation (IFC) has been an institutional shareholder in private equity group, Dragon Capital, since 2002 and currently holds an 8.8% share in the group. In addition, in 2003, the IFC invested US $ 8 million directly in Vietnam Enterprise Investments Ltd. (VEIL), a fund owned by Dragon Capital. This holding was increased in 2006 by US $ 6.95 million and as a result, the IFC currently holds approximately 5% of VEIL’s shares. VEIL currently holds just below 4% equity in HAGL and 0.64% in HAGL Rubber (a subsidiary of HAGL).Separate from investments originating from IFC, Dragon Capital also holds a 1.54% interest in HAGL through its Vietnam Growth Fund Ltd. This same fund also holds a 1.23% interest in Dong Phu, a share currently valued at US $ 3.18 million.
  2. Deutsche Bank finances HAGL directly through its DWS Vietnam Fund Ltd., holding 3.4 million shares worth approximately US $ 4.5 million and indirectly through its Vietnam Exchange Traded Fund. Media articles have also stated two other Deutsche Bank funds as investing in HAGL but Global Witness has been unable to confirm this. Deutsche Bank’s DWS Vietnam Fund holds 1.2 million shares worth US $ 3.3 million in Dong Phu, a subsidiary of the Vietnam Rubber Group.
  3. Deutsche Bank Trust Company Americas (DBTCA) announced HAGL was offering 16 million shares on London’s Professional Securities Market. It has been reported that DBTCA continues to retain a certain number of shares following this transaction but Global Witness has been unable to confirm this.