Treasurer Divests Holdings in Company with Sudan Ties
Bumsted, Brad, Tribune-Review/Pittsburgh Tribune-Review
HARRISBURG -- Calling it the "next frontier of investing," state Treasurer Robin Weissmann today announced that the Treasury Department will divest a $1.2 million holding in a company operating in Sudan and she urged the state's two pension boards to begin similar actions.
Weissmann said she is also evaluating $13.6 million in other holdings of companies with ties to the Sudan, where killings in the Darfur region have been labeled "genocide" by President Bush. The state is selling its shares of China Petroleum and Chemical Company and will realize a gain from the sale, Weissmann said
The treasurer, a member of both boards, said she is encouraging "swift adoption of a similar framework" at the Pennsylvania State Employees Retirement System (SERS) and the Pennsylvania School Employees' Retirement Systems (PSERS).
Those pension boards have $10 billion invested in nations that sponsor terrorism. In addition to Sudan, Cuba, Iran, Syria and North Korea are on the State Department's list of terror-sponsoring regimes.
The volatile climate in Sudan threatens the long-term value of holdings there, Weissmann said.
Divestiture of China Petroleum "is not only the right thing to do it is the smart thing to do," said Weissmann. …