Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Superfund profits from nuclear proliferation

21 March 2011

Superfund profits from nuclear proliferation

The Green Party is calling on the New Zealand Superannuation Fund to divest from its $2.1 million stake in Larsen & Toubro, a Mumbai-based multinational involved in designing and building a fleet of nuclear-armed submarines for India.

A response to a Green Party Written Question revealed that the New Zealand Superannuation Fund holds 44,595 shares in Larsen & Toubro Ltd, which had a valuation of NZ$2,082,736 on June 9, 2011.

“It’s grossly irresponsible for the New Zealand Superannuation Fund to be making money out of nuclear proliferation in a region of the world that’s highly unstable,” said Green Party Co-leader Dr Russel Norman.

“Why are the directors of the Superfund risking our reputation as a responsible member of the world community with this $2.1 million investment?

“India is not a signatory to the Nuclear Non-Proliferation Treaty and is rapidly increasing their nuclear weapons arsenal. To profit from the proliferation of their nuclear weapons capability undermines our status as a nuclear free nation and stands completely against the intent of the Treaty.

“We should have nothing to do with investing in this immoral industry.”

Larsen & Toubro is India’s largest defence engineering company and is partnering with the Indian Navy to manufacture their new fleet of nuclear-armed submarines. They also hold a contract to develop a missile launcher for the Sagarika — a nuclear-tipped, sub-launched cruise missile.

The Green Party has in the past successfully called for the divestment of the New Zealand Superfund’s investment in tobacco companies, cluster bomb manufacturers, and some (but not all) companies involved in the nuclear weapons industry.


ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The West’s Role In Arming Khashoggi’s Killers

The cliché about one death being a tragedy and a million deaths only a statistic has been demonstrated in spades by the murder of the Saudi journalist Jamal Khashoggi.

Of all the crimes committed over the past decade by the Saudi regime, it has been this revenge killing ordered by the Saudi Crown Prince Mohammed bin Salman that has finally brought universal condemnation. More>>

ALSO:

.

 
 

MP Reportedly In Mental Health Care: Speaker Of The House Seeks Advice

After unleashing a volley of damaging allegations against his former leader, National's Simon Bridges, and his party, Jami-Lee Ross was reportedly taken into mental health care over the weekend. More>>

Gordon Campbell: On Jami-Lee Ross (And The New Hobbit Law)

Clearly, Jami-Lee Ross is not waging a normal form of political warfare, with agreed rules of combat and rational cost/benefit calculations.

This is politics-as-terrorism where everything is being sacrificed by the man in the bomb vest in order to remove Simon Bridges as the leader of the National Party. More>>

ALSO:

Film Industry Working Group:

Three Killed: DOC Supporting Family, Colleagues After Helicopter Crash

The Department of Conservation (DOC) is rallying around family and colleagues of the staff who died in a helicopter crash this morning in Wanaka... The helicopter, with two DOC staff on board, was on its way to undertake tahr control in the Haast area when it crashed. More>>

ALSO:

Political Donations: Greens Call For Tighter Anonymity Rules And Public Funding

“It is clear that those vested interests have a tangible influence on the decision making of political parties. This is a threat to democracy and should change.” More>>

ALSO:

Education Amendment Bill Passes: Urgency Sought For Partnership School Treaty Claim

The claim takes issue with the acts and omissions of the Crown in respect of the closure of Partnership Schools | Kura Hourua. More>>

ALSO:

Salvation Army Paper: Call For Public Housing Investment

To meet these future demands the report suggests the government needs to look beyond the private rental market and begin to invest heavily into home-ownership programmes and more public and social housing. More>>

ALSO:

Cull: Himalayan Tahr Control Operation Proceeding

“The target of controlling 10,000 Himalayan tahr over the next eight months remains. The revised plan provides for a staged control operation with increased reporting to the Tahr Liaison Group...” More>>

ALSO:

Health: Petitions To Fund Breast Cancer Drugs

Women marching to Parliament today, to present two petitions calling for Government funding of vital medicines, have 100% support from a coalition representing than 30 breast cancer organisations. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels