US N. Carolina pension to divest from Sudan-linked companies

Nov 1, 2006 (RALEIGH, N.C.) — North Carolina’s pension fund will sell its holdings in nine companies officials say provide monetary and military support to the Sudanese government, state Treasurer Richard Moore said Wednesday.

About $24 million of the $70 billion pension fund was invested in the companies, according to Moore’s office.

The U.S. has accused Sudan’s government of unleashing Arab militiamen to quell a rebellion by ethnic African tribes that began February 2003 in Darfur. More than 200,000 people are dead and 2.5 million homeless as a result of the fighting.

Several other states have either already divested, or announced plans to do so, in Sudan, which is under U.S. sanctions focused on its oil sector.

“Our state pension funds should not be used to invest in companies that profit from genocide,” Moore, an expected gubernatorial candidate in 2008, said in a statement.

He said the divestiture “sends a strong message that those who are complicit in the genocide in Sudan will continue to face serious consequences in the world community.”

The U.S. has labeled the situation in Darfur as a genocide, but the U.N. has stopped short of using that description.

The new state policy relies on information from pension funds in California and other states that have identified the nine companies as the most egregious offenders. North Carolina officials will try to identify other companies that support the Sudanese government, according to a statement.

The companies are: Bharat Heavy Electricals (500103.BY), China Petroleum and Chemical Corp. (SNP), Nam Fatt (4901.KU), Oil & Natural Gas Company (500312.BY), PECD Berhad (5093.KU), PetroChina Company (PTR), Sudan Telecom Company (SDTL.BH), Tatneft OAO (TATN.RS), and Videocon Industries Limited (511389.BY).

(AP)