Word: indirect
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Harvard’s indirect investment in a fourth firm that aids the Sudanese energy industry, the Indian state-owned conglomerate Bharat, is estimated at about $320,000. That stake is held through two India-specific funds administered by Morgan Stanley and the Blackstone Group...
...founder of the Harvard Darfur Action Group, Rebecca Hamilton, said yesterday that she is “hopeful that the Corporation will move quickly to ensure the University’s good reputation on this issue is not called into question by indirect investments in companies it has already decided to divest from directly...
Over the past week, The Crimson has uncovered the full extent of Harvard’s indirect investments in PetroChina and Sinopec. These are two of the worst offending companies in terms of financial complicity with the Sudanese government’s genocidal campaign in Darfur, and as reported yesterday in an online update, Harvard currently holds $16 million worth of shares in them...
...which 30 other universities and six states have divested from companies supporting the Sudanese government’s genocidal regime. This movement has generated more leverage over Khartoum than most of the governmental approaches to date. So while the revelations about the scale of Harvard’s indirect investments are deeply troubling, there is still reason to be hopeful that Harvard will take the action necessary to live up to its positive public reputation on this issue...
...Monday’s Crimson, Interim University President Bok said he did not know about the University’s indirect holdings in PetroChina and Sinopec, and that the investments must relate to something that happened prior to his interim presidency. As long as the current ad hoc approach to Darfur-related divestment remains in place, we can expect to see the incoming Harvard president make similarly blinkered statements, which will ultimately undermine Harvard’s good standing on this issue. By contrast, the implementation of a targeted divestment model as a matter of policy provides...