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Article

8 Apr 2008

Author:
Amnesty International USA

Human Rights and Investor Coalition Pushes Action on Darfur Atrocities by Stockholders of Morgan Stanley, Citigroup, Wells Fargo and JP Morgan Chase

Beginning today and continuing through May 20th, shareholders of four major financial firms -- Morgan Stanley, Citigroup, JP Morgan Chase and Wells Fargo -- are being asked to vote on proposals that will push the firms to use their investment relationships with Chinese, Indian and Malaysian oil companies to press the government of Sudan to end atrocities in Darfur... Four oil companies dominate the industry in Sudan: China National Petroleum Corporation (CNPC/PetroChina), China Chemical and Petroleum Corporation (Sinopec), Petroliam Nasional Berhad (Petronas), and Oil and Natural Gas Corporation of India-Videsh (ONGC/OVL)... As a result of a recent agreement reached with shareholder proponents of the Morgan Stanley proposal, the coalition intends to announce its withdrawal of that proposal at today's stockholder meeting... [refers to positive steps by American Funds (part of Capital Group), Merrill Lynch, T. Rowe Price, Vanguard]