Word: sinopec
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...indirect holdings, however, may prove difficult.‘MUCH TRICKIER’In April 2005, Harvard became the first U.S. university to divest from a company linked to Sudan when it sold its holdings in PetroChina, a Chinese oil company. One year later, Harvard also divested from Sinopec, another Chinese oil firm.But in January 2007, The Crimson reported that Harvard still maintained indirect holdings in these firms—as well as Petronas, a Malaysian oil firm accused of helping fund the genocide—through its investments in funds managed by the British bank Barclays.Harvard...
...March 8, some people have asked, “Why do we have yet another divestment campaign? Didn’t Harvard divest from Sudan already?” The answer is not yet. Harvard has only divested its direct holdings in two Chinese oil companies: Petrochina and Sinopec. The focus of our campaign, however, is not Harvard’s indirect holdings in these companies. While we do want Harvard to divest from stocks, exchange traded funds, index funds, and other financial holdings when reasonable alternatives exist, the primary focus of our campaign is that Harvard divest from...
...possible in trying to avoid indirectly holding a critical mass of the stock of companies from which it has directly divested. In the present case, it is clear that Harvard holds such a critical mass. At the time that Harvard announced its divestment from PetroChina in 2005 and Sinopec, another oil company that does business in Sudan, one year later, it had $10.1 million directly invested in the two companies. According to its the latest federal filing, Harvard owned $15.7 million of the two companies as of the end of last year through mutual funds. If the original investment...
...First, when the HMC reports its holdings, it only reports long stock positions. It is not required to report its short positions, meaning securities borrowed and sold. If short positions are taken into account, the HMC is potentially shorting shares of some of the companies in question (PetroChina, Sinopec, Petronas). In effect, this means that Harvard could own a negative number of shares in these companies. The Crimson also only reported indirect holdings through Exhange Treaded Funds (ETFs), such as the FXI index. However, the HMC also owns (and sells short) securities such as bonds, credit default swaps, and other...
...indirect holdings in companies that do business with Sudan. The petition comes nearly two years after the University announced it would be divesting from Chinese oil firm PetroChina because of its dealings with the Sudanese government and one year after Harvard announced that it would sell its holdings in Sinopec, another company accused of helping to finance genocide in the Darfur region of the country. On March 1, the Harvard Darfur Action Group (HDAG), with the support of more than 20 University faculty members and instructors and 50 student groups, delivered a letter to interim President Derek C. Bok requesting...