Barclays Bank Under Fire for Inaccurate EACOP Report

42 civil society organizations and a network of individuals affected by the East African Crude Oil Pipeline (EACOP) project are calling for Barclays Bank to withdraw a research paper they claim contains falsehoods about the project.

The CSOs and the EACOP-affected network claim that the report, titled "On the Road...Reassured in Uganda," authored by Barclays Bank's equity researchers, does not accurately reflect the many challenges brought on by the project. In a letter addressed to Barclays Bank CEO C.S. Venkatakrishnan, they allege that the report fails to acknowledge the financial distress caused by the delayed compensation of those affected and the violation of Article 26 of Uganda's 1995 Constitution.

The network is also disputing the report's claim that the project is welcome and life-changing, stating that the compensation paid by the project developers does not reflect the market rate for their land and assets. The network calls for the report's retraction. At the same time, the CSOs criticize the bank for relying on equity researchers without the necessary social, environmental, and biodiversity skills to assess the EACOP project. Click here to read the full press statement. You can also read the letter sent out to Barclays Bank by the CSOs here.