US Connecticut may eliminate financial links to Sudan
By Ken Dixion
Feb 24, 2006 (HARTFORD) — Majority Democrats on Thursday joined state Treasurer Denise L. Nappier to announce that Connecticut may withdraw as much as $1 billion to stop companies from tolerating African genocide.
Nappier said she’s not exactly sure how much money may be at stake, but at least several multinational oil companies, which the state’s $22 billion retirement and trust funds invest in, have financial interests in Sudan.
“The citizens of the Constitution State cannot stand by silently,” Nappier said during a morning news conference in the Legislative Office Building. “We must stop the genocide being inflicted on hundreds of thousands of innocent people in Darfur.”
Sen. Gayle Slossberg, D-Milford, who led a successful effort in the Legislature last year to approve a resolution condemning the genocide, said that divesting state funds from companies that aren’t involved in humanitarian efforts there is a natural progression for this year’s legislative agenda.
“Instead of talking about a global economy, I hope today we start talking about a global civilization,” Slossberg said.
Last week, Yale University, under pressure from student groups, announced that it would withdraw about $19 million in investments with three companies that are involved in Sudan.
Senate Majority Leader Martin M. Looney, D-New Haven, said that he’ll promote legislation to give the treasurer expanded power to divest state investment and also support a dialogue with multinationals that may be profiting in the region, the size of California, where 400,000 people may have died.
“There is a terrible tragedy going on right now in Darfur,” Looney said.
“We need to do whatever we can do to stop the pain, suffering and injustice,” said House Majority Leader Christopher G. Donovan, D-Meriden.
Nappier admitted that a stumbling block to forcing companies to divest is the state’s inability to determine exactly what companies may be doing in Sudan. “The state of Connecticut should not condone or even appear to condone, genocide in our investment policies,” Nappier said. Among the companies that the state invests in are Sinopee, a Chinese oil company that is on the list from which Yale withdrew its investment.
(The Connecticut Post)