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Article

29 Jan 2007

Author:
Marc Gunther, Fortune

Fidelity's Sudan problem

As institutional investors learned that Chinese oil companies are helping to finance genocide in Sudan, many took action... Barclay's Global and Northern Trust are marketing Sudan-free investment funds... Now the divestment campaign is targeting Fidelity, the [USA's] biggest mutual fund company... Eric Cohen, a retired high-tech executive and a campaign organizer...says "...Fidelity is the biggest investor in PetroChina. PetroChina is one of the largest companies operating in Sudan. They're pumping tons of oil. And that's generating massive amounts of revenue for the government of Sudan."... "We believe the resolution of complex social and political issues must be left to the appropriate authorities of the world that have the responsibility, and capability, to address important matters of this type," the company says. "And we would sincerely hope that they would do so wisely on behalf of all of the citizens of the globe."... It's worth noting that Fidelity also manages the 401-k programs for some of America's biggest companies, including Microsoft and Time Warner... As of Sept. 30, other investors in PetroChina and Sinopec included Merrill Lynch, Citigroup and...Berkshire Hathaway. [also refers to China National Petroleum Corporation (CNPC), university divestments from Sinopec; withdrawals from Sudan by Talisman, Siemens]