FOR IMMEDIATE RELEASE
Contact:info@FidelityOutOfSudan.com
GENOCIDE SHOULDN’T PAY: ACTIVISTS LAUNCH EFFORT TO GET FIDELITY TO
DIVEST FROM SUDAN
National campaign aims for 400,000 people to raise their voices for the 400,000 who have died in Darfur
Fidelity, through its mutual funds, not only has been a major investor in two of the largest companies in the oil industry in Sudan, PetroChina (PTR) and China Petroleum (SNP, aka Sinopec), but it has been significantly increasing its holdings in these companies and is the largest holder of PetroChina (PTR) on the New York Stock Exchange.
“Once they learn these facts, most Americans will not want their savings to be invested in these companies that support genocide in Darfur,” states Eric Cohen, chairperson of the Fidelity divestment campaign and co-chair of the Massachusetts Coalition to Save Darfur. “In memory of the 400,000 who have died in Darfur, our campaign aims for 400,000 people to contact Fidelity and object. Since Fidelity's investment in oil companies operating in Sudan is so large, we hope that we can make a real difference for the people of Darfur,” explains Cohen. Detailed information on the campaign and a petition to sign is available at www.FidelityOutOfSudan.com.
In addition to objecting to Fidelity, the campaign urges all investors to review their 401Ks and personal portfolios with their investment advisors, and divest from any Sudanese oil-related investments. “If thousands of Americans divest, it will have a positive impact on the people of Darfur by pressuring China and the Government of Sudan.”
The Boston-based group has been joined in this national campaign by several prominent Darfur activists including actress Mia Farrow; Smith College professor and noted Darfur expert, Eric Reeves; John Prendergast, Senior Adviser at the International Crisis Group; and Reverend Gloria White-Hammond, MD, a leading national activist for Darfur and Sudan, and Co-Pastor of Bethel African Methodist Episcopal Church in Boston.
“Please send a clear message to Fidelity to take our money out of Sudan,” says Farrow. “Monetary profits from Sudan are made at the expense of innocent human lives.”
There is a growing movement of colleges, universities, cities, and states taking action to divest themselves of investments in certain companies doing business in Sudan.About 30 schools have already divested, beginning with Harvard announcing divestment from PetroChina in April 2005, and announcing divestment from Sinopec in March 2006. Similarly, some states have already approved legislation to divest, such as California in September 2006.
While colleges, universities, states, and cities have been taking action to divest from Sudan, Fidelity has been increasing its holdings in oil industry companies operating in Sudan. “Fidelity is noteworthy to us,” explains Cohen, “not only because its corporate headquarters is in Boston, but also because it is the largest single public investor in PetroChina.” Fidelity's holdings in PetroChina have now increased to over 2% of PTR and are worth over $600 million.
Leaders of the Fidelity divestment campaign began work to try to get Fidelity to divest from Sudan during the fall of 2006. Five separate formal efforts were made to engage with Fidelity by contacting executive management, trustees, directors, and fund managers. “We hoped to give Fidelity every chance to understand that there was a problem that was important for them to deal with,” said Cohen. “All we've received back was a form letter thanking us for our interest, saying that everything they do is legal, and emphasizing that their only concern is their fiduciary responsibility.”
To sign a petition encouraging Fidelity to divest from Sudan and for more detailed information about the Fidelity divestment campaign and background on Sudan divestment in general, please visit www.FidelityOutOfSudan.com.
###