Sudan Investment Restrictions
Senate File 361 was enacted in the 2007 session of the 82nd Iowa General Assembly and became law effective July 1, 2007. This legislation requires IPERS to create a list of scrutinized companies with business operations in the Sudan. The list below represents IPERS’ initial list of scrutinized companies at July 1, 2007, and was created using information from the Sudan Divestment Task Force. Pursuant to the law, IPERS has contacted each of the companies below and asked them to clarify their Sudan-related operations. The companies have ninety (90) days to respond.
At this time, none of the companies below are restricted from purchase by IPERS, and whether such companies become restricted in the future will depend upon their responses.
IPERS' Sudan Scrutinized Companies
July 1, 2007
Active Business Operations |
African Arabian Petroleum Limited |
Alstom |
AREF Investment Group |
Areva Group |
AviChina (AviChina Industry & Technology Compay Ltd.) |
Bharat Heavy Electricals |
Bongaigaon Refinery & Petrochemicals Limited (BRPL) |
Chennai Petroleum Corporation Limited (CPCL) |
CNPC Hong Kong |
Dongan Motor (Harbin Dongan Auto Engine Co.) |
Dongfeng Automotive Company Limited |
Electricity Generating Company (EGCO) |
Hafei Aviation Industry |
Harbin Power Equipment |
Indian Oil Corporation Ltd. (IOCL) |
Jiangxi Changhe Automobile Co. |
Jiangxi Hongdu Aviation (Hongdu Aviation) |
Kejuruteraan Samudra Timur Bhd. |
Kencana Petroleum Berhad |
Kuwait Foreign Petroleum Exploration Company (Kufpec) |
La Mancha Resources |
Lanka IOC |
Lundin Petroleum |
Mangalore Refinery and Petrochemicals Ltd. |
MISC Berhad (Malaysia International Shipping Company) |
Mitsui Engineering & Shipbuilding (MES) |
Muhibbah Engineering Berhad |
Norinco (China North Industries Corporation) |
Oil and Natural Gas Company (ONGC) |
PECD Berhad |
PetroChina |
Petrofac |
Petronas Dagangan |
Petronas Gas |
Petronas/Petronas Capital Limited |
Reliance Industries (RIL) |
Reliance Petroleum |
Scomi (KMC Oil Tools) |
Scomi Engineering |
Sinopec Corporation (China Petroleum and Chemical Corporation) |
Sinopec Kanton Holdings |
Sinopec Shanghai Petrochemical Co. Ltd. |
Sudan Telecommunications Company (Sudatel) |
Weir Group |
| |
Inactive Business Operations |
| Total SA |
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The responses will be evaluated by IPERS, and companies that are deemed to have active business operations in the Sudan (as defined in the law), if any, will become ineligible for purchase by IPERS’ investment managers. Furthermore, if an investment manager has any direct holdings in those companies deemed to have active business operations in the Sudan, the manager then will be notified to sell such direct holdings within an eighteen (18) month period defined in the law.
Below is a list of estimated holdings in companies that appear on IPERS’ initial list of scrutinized companies dated July 1, 2007. These are estimates based on May 31, 2007, holdings, and the amount of holdings may have increased or decreased subsequent to that date.
IPERS' Sudan Scrutinized Company Holdings
Estimated Holdings as of May 31, 2007
Active Business Operations |
| |
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|
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Direct Holdings |
Company |
|
Shares |
|
Market Value |
MISC Berhad |
|
723,000.00 |
|
$2,117,706.80 |
PetroChina |
|
2,314,000.00 |
|
3,027,973.68 |
| |
|
|
|
|
Total Direct Holdings |
|
|
|
$5,145,680.48 |
| |
|
|
|
|
Indirect Holdings |
Company |
|
Shares |
|
Market Value |
Lundin Petroleum |
|
11,775.54 |
|
$123,931.96 |
Mitsui Engineering & Shipbuilding |
|
36,869.93 |
|
192,495.10 |
Weir Group |
|
16,736.88 |
|
224,467.00 |
| |
|
|
|
|
Total Indirect Holdings |
|
|
|
$540,894.06 |
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Inactive Business Operations |
| |
|
|
|
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Direct Holdings |
Company |
|
Shares |
|
Market Value |
Total SA |
|
183,404.00 |
|
$13,822,214.30 |
| |
|
|
|
|
Indirect Holdings |
Company |
|
Shares |
|
Market Value |
Total SA |
|
176,381.99 |
|
$13,291,512.20 |
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