Word: sinopec
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Harvard announced yesterday that it would sell its shares in the oil firm Sinopec, a Beijing-based company with close ties to the Sudanese government...
...militias linked to the country’s government have slaughtered thousands of civilians in what the U.S. Congress and State Department have called a genocide. And it comes after more than 1,200 students, faculty, staff and alumni signed an online petition urging the University to sell its Sinopec stake...
...divestiture from Sinopec comes almost exactly one year after Harvard relinquished its stake in another Beijing-based firm, PetroChina, that also played an extensive role in Sudan’s oil export industry. “Oil is a critical source of revenue and an asset of paramount strategic importance to the Sudanese government,” the Harvard Corporation said in a statement at the time...
...broader range of companies, but more importantly, have set down concrete criteria to guide investments,” Bhatnagar wrote. “Harvard's current system of reviewing investments is ad-hoc and inadequate,” he added. “This explains the fact that while Sinopec and PetroChina met the same criteria, there was a one-year gap in Harvard's divestment...
Last month Yale divested from seven firms with Sudan ties, including PetroChina, Sinopec, and five other stocks that are not listed in Harvard’s SEC filings. “Not that anyone is keeping score or anything, but Yale 7, Harvard 2,” Sabine J. Ronc ’07, co-founder of the Harvard Darfur Action Group, wrote in an e-mail today. “We know we can do better,” Ronc added...