Word: exxon
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University officials said in early October that they were selling Harvard's $35.4 million in Exxon stock and bonds because of a South African law that requires companies within the nation's borders to sell oil on demand to government agencies, including the police forces...
...Exxon Exodus...
Harvard University Treasurer Roderick MacDougall '51 said yesterday that he did not know whether Harvard would reinvest in the Exxon Corporation...
...Exxon announced on December 31 that it will sell all of its South African assents--about $10 million. While the company does not refine petroleum or process chemicals in the country, two of its subsidiaries do produce these products. Exxon employed about 200 South Africans, who accounted for roughly 2 percent of Exxon's $93.2 billion in revenues. Because the company could not find a local buyer for its affiliates, a trust was established to continue operations...
...also said he saw no reason for a change in Harvard's investment policy in light of the pullout, saying that "Exxon has been a responsible employer and citizen in the battle against apartheid...