Afran : Big US fund group divests over Sudan
on 2010/1/6 10:22:15
Afran

20100105

BOSTON (Reuters) - TIAA-CREF has become the first large U.S. fund complex to sell stakes in a group of Asian energy companies over human rights concerns in Sudan.

The sales of shares of China's PetroChina Co Ltd, CNPC Hong Kong and Sinopec, and Oil and Natural Gas Corp of New Delhi totaled about $60 million, TIAA-CREF said on Monday.

The stakes sold were just a small slice of New York-based TIAA-CREF's assets under management, which stood at $402 billion at the end of September, and a tiny percentage of the oil companies' market capitalization.

Still, the move could put more pressure on the companies over their business ties to Sudan's government, which is widely accused of war crimes.

The move by TIAA-CREF, which provides financial services to nonprofits like hospitals and universities, also marks a milestone for rights activists who have tried for years, mostly in vain, to line up the influential fund industry behind its social agenda.

"We hope this could send a strong message to the companies," said Hye-Won Choi, TIAA-CREF's head of corporate governance. She said her firm had sold the shares only after talks with the energy companies went nowhere.

India's ONGC said it was concerned about TIAA-CREF'S move but the firm's business in Sudan would continue.

ONGC, which leads India's hunt for foreign petroleum assets, entered Sudan about seven years ago, buying a 25 percent stake in the Greater Nile Project, from which Canada's Talisman Energy Inc exited under pressure from human rights group.

Previous article - Next article Printer Friendly Page Send this Story to a Friend Create a PDF from the article


Other articles
2023/7/22 16:36:35 - Uncertainty looms as negotiations on the US-Kenya trade agreement proceeds without a timetable
2023/7/22 14:48:23 - 40 More Countries Want to Join BRICS, Says South Africa
2023/7/18 14:25:04 - South Africa’s Putin problem just got a lot more messy
2023/7/18 14:17:58 - Too Much Noise Over Russia’s Influence In Africa – OpEd
2023/7/18 12:15:08 - Lagos now most expensive state in Nigeria
2023/7/18 11:43:40 - Nigeria Customs Intercepts Arms, Ammunition From US
2023/7/17 17:07:56 - Minister Eli Cohen: Nairobi visit has regional and strategic importance
2023/7/17 17:01:56 - Ruto Outlines Roadmap for Africa to Rival First World Countries
2023/7/17 16:47:30 - African heads of state arrive in Kenya for key meeting
2023/7/12 16:51:54 - Kenya, Iran sign five MoUs as Ruto rolls out red carpet for Raisi
2023/7/12 16:46:35 - Ambassador-at-Large for Global Women’s Issues Gupta Travels to Kenya and Rwanda
2023/7/2 15:57:52 - We Will Protect Water Catchments
2023/7/2 15:53:49 - Kenya records slight improvement in global peace ranking
2023/7/2 14:33:37 - South Sudan, South Africa forge joint efforts for peace in Sudan
2023/7/2 13:08:02 - Tinubu Ready To Assume Leadership Role In Africa
2023/7/2 11:50:34 - CDP ranks Nigeria, others low in zero-emission race
2023/6/19 16:30:00 - South Africa's Ramaphosa tells Putin Ukraine war must end
2023/6/17 16:30:20 - World Bank approves Sh45bn for Kenya Urban Programme
2023/6/17 16:25:47 - Sudan's military govt rejects Kenyan President Ruto as chief peace negotiatorThe Sudanese military government of Abdel Fattah al-Burhan has rejected Kenyan President William Ruto's leadership of the "Troika on Sudan."
2023/6/17 16:21:15 - Kenya Sells Record 2.2m Tonnes of Carbon Credits to Saudi Firms

The comments are owned by the author. We aren't responsible for their content.