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Gold/Mining/Energy : TLM.TSE Talisman Energy -- Ignore unavailable to you. Want to Upgrade?

To: Vince Moretto who wrote (365)	7/29/1999 10:18:00 AM
From: Tomas	Read Replies (3) \| Respond to of 1713

Talisman: Group Calls for Stock Boycott By LESLIE MILLER Associated Press Writer BOSTON (AP) -- The American Anti-Slavery Group is asking investors to sell their shares of a Canadian oil company it accuses of helping wage a campaign of slavery and genocide in Sudan. The abolitionists claims the Khartoum government is using profits from oil sales to Calgary-based Talisman Energy to kill and enslave Sudanese villagers. But the company says the anti-slavery group is sensationalizing a complex problem and trivializing the meaning of ''slavery.'' No one, including Talisman's top executive, disagrees horrible things are happening in the impoverished African country. As part of a 44-year civil war, Arab Muslim northerners have captured black villagers who practice Christianity and traditional tribal religions. The U.S. government banned trade with Sudan in 1997 because of its human rights violations. In October 1998, Talisman bought a 25 percent stake in a consortium to drill for oil in southern Sudan, along with China's National Petroleum Company, Malaysia's Petronas and Sudan's national oil company. Profits from that venture are being used to buy weaponry, build arms factories and fuel warplanes, said Jesse Sage, American Anti-Slavery associate director. ''This is not merely a case of business aiding a corrupt regime,'' said Charles Jacobs, the group's president. ''This is a business helping a regime commit genocide.'' The abolitionists say they sent letters to mutual fund companies and pension funds to sell off their shares in Talisman, the world's third biggest independent oil producer. They include Fidelity Investments, Vanguard Group, State Street, the State of New Jersey Division of Investment and the State of Wisconsin Investment Board. Vanguard, which holds Talisman shares in its Vanguard Specialized Energy Portfolio, believes divesting stock isn't the way to influence corporate behavior. ''Our preference is to work with management to make change happen,'' said Brian Mattes, spokesman for Vanguard, which is based in Valley Forge, Pa. ''There have been many calls for divestiture of stocks in the past,'' he said. ''Let's see how effective they've been. Philip Morris made $5 billion last year.'' Vanguard, which is investigating the abolitionists' charge, has pressured companies it owns to improve their human rights record, said Mattes. The Wisconsin Investment Board seeks investments in organizations that respect human rights, said Vicki Hearing, the board's spokeswoman. But she said they haven't heard the allegations about Talisman and haven't received any letter from the abolitionists. Sage said it's probably in the mail. Other mutual fund companies did not return calls seeking comment from The Associated Press on Wednesday. Talisman CEO James Buckee denies the company has a poor human rights record and says American Anti-Slavery is getting the story wrong. ''There is a longstanding practice of hostage-taking which we wouldn't characterize as slavery. You abuse the words by calling this 'slavery','' Buckee said. Buckee added the government has no power to stop the decades-long violence. ''The government isn't in control of an awful lot,'' he said. ''It's not much good to blame the government.'' The way to discourage violence and hostage-taking in Sudan is to create jobs and build infrastructure, he said, adding that Talisman has built a 60-bed hospital, roads and water wells, which have helped move the country's economy forward. biz.yahoo.com