Fidelity Cuts PetroChina ADR Holdings by 91 pct Over Darfur
May 15, 2007 (BOSTON) — Fidelity Investments, the world’s No.1 mutual fund company, reduced its holdings of PetroChina Co. Ltd.’s American depositary receipts (ADRs) by 91 percent in the first quarter of 2007, according to a regulatory filing on Tuesday.
Fidelity has faced rising pressure from human rights groups to divest its stakes in PetroChina , Asia’s top oil and gas producer, because of the Chinese company’s links to Sudan, which rights groups accuse of human rights violations in Sudan’s troubled region of Darfur.
Fidelity’s 69-page filing showed it owned 420,916 ADRs of PetroChina as of March 31, compared with about 4.5 million ADRs as of end-December.
A Fidelity spokesman declined comment about the reason for the reduction in PetroChina holdings. The Boston-based fund company has previously countered criticism of its PetroChina investments by saying it was complying with all laws governing investments in Sudan.
- Database Search
- Unpaid Debt A comprehensive overview of the role of the Lundin Consortium in the oil war. ECOS calls upon the Swedish, Austrian and Malaysian governments to investigate whether, as a matter of international law, Lundin, OMV and Petronas 'were complicit in the commission of war crimes and crimes against humanity by others during the period 1997-2003.’ In response, the Swedish Public Prosecutor for International crimes opened a criminal investigation into ‘links between Sweden and the reported crimes’.
- In Depth For more specific information about the Lundin court case please visit the Unpaid Debt dossier.
