In its quest to push for divestment in Sudan, the San Francisco Bay Area Darfur Coalition has decided to go underground to fight a major mutual fund company.
In its quest to push for divestment in Sudan, the San Francisco Bay Area Darfur Coalition has decided to go underground to fight a major mutual fund company.
The alliance, also known as the Save Darfur Coalition, comprises more than 180 faith-based advocacy and humanitarian organizations.
It has plastered 230 advertisements at San Francisco's Montgomery Street Bay Area Rapid Transit station in the city's financial district criticizing Franklin Resources Inc. of San Mateo, Calif., for investing in Chinese oil company PetroChina Co. Ltd. of Beijing.
According to the targeted-divestment model developed by the Sudan Divestment Task Force in Washington, PetroChina, through its parent company, China National Petroleum Corp., is the worst of the "highest offending" companies helping to fund genocide by conducting business in Sudan's Darfur region.
In an e-mail statement, Franklin wrote: "In our experience investing in emerging markets, we have seen that fostering economic and business development through investment in troubled regions can often help in achieving reform."
In addition to targeting Franklin Resources, the coalition has on its "watch list" The Capital Group Cos. Inc. of Los Angeles, New York-based JPMorgan Chase & Co. Inc. and The Vanguard Group Inc. of Malvern, Pa.
