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Article

17 Jul 2008

Author:
Mary Fitzgerland, Irish Times

State pension fund's Zimbabwe links being investigated [Ireland]

The Government is examining investments by the State's pension-fund body in companies operating in Zimbabwe...National Pension Reserve Fund...investment director John Corrigan said recent media reports were incorrect in claiming that € 578 million - or 3 per cent - of the pension fund is invested in Zimbabwe on the basis that the NPRF holds shares in 14 firms which operate in Zimbabwe including Nestle, BP and Barclays Bank. "[In the fund's]...global equity portfolio...are multinational companies with a presence in dozens of countries around the world including, in some cases, Zimbabwe..." Mr Corrigan said... In light of recent events in Zimbabwe, Mr Corrigan told the committee, the NPRF has approached the companies to raise concerns expressed relating to their involvement in the country. But Emmet Bergin, of development organisation Progressio, said raising concerns with the firms was not enough. He called on the Government...to request that companies...with "proven links to the Mugabe regime" pull out of Zimbabwe...