See also:
» 28.02.2011 - Yacht worth US$380m ordered by E-Guinea dictator
» 28.06.2010 - Massive reforms for Equatorial Guinea ...?
» 29.10.2009 - Embezzlement case against Africa trio overturned
» 09.07.2009 - HRW denounced use of oil revenues in E/Guinea
» 26.05.2009 - Equatorial Guinea denies accounts and real estate in Spain
» 02.04.2009 - Obiang warns action against the judiciary
» 08.11.2006 - Equatoguinean presidential heir buys US$ 35m palace
» 24.11.2005 - US unfreezes Equatorial Guinea corruption funds

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Equatorial Guinea
Economy - Development | Society

Divestment in "unethical" Equatoguinean oil sector

afrol News, 30 November - Three international oil companies have been blacklisted for unethical business practices due to their involvement in large-scale corruption in Equatorial Guinea: ExxonMobil, Amerada Hess and Marathon Oil. The growing numbers of investment funds only investing in ethically cleared companies thus are now withdrawing from Marathon and Exxon Mobile.

The Swedish consultant company GES Investment Services yesterday published an update of companies that investors should avoid for ethical reasons. A risk study made by the Swedes recommended its institutional clients to "exclude - or engage in active dialogue with - three oil companies: Amerada Hess, ExxonMobil and Marathon Oil."

GES Investment Services had conducted a risk study named "Corruption in the Oil Industry," looking at 23 of the world's largest oil and energy companies. Three of these companies - ExxonMobil, Amerada Hess and Marathon Oil - had been "involved in serious corruption incidents," the Swedish analysts found, referring to the situation in Equatorial Guinea.

The three were all involved in a major corruption case in Equatorial Guinea, which now is being investigated by the US government. The US Senate Permanent Subcommittee on Investigations has already criticised the companies for having "systematically paid hundreds of million dollars over a period of several years to the President and dictator of Equatorial Guinea, his relatives and government officials, in order to get a share of the country's oil wealth," according to GES.

The Swedish company further noted that "the regime in Equatorial Guinea has been compared by the senate with that of Saddam Hussein's." The country is one of the world's poorest, where 65 percent of the population lives in extreme poverty. "Despite large oil- and gas reserves, 80 percent of the national income ends up in the pockets of only 5 percent of the population," GES noted.

- Any company entering this country or one with a similar situation, inevitably exposes itself to an enormous risk of being accused of complicity in as well as fuelling of the prevailing conditions, said GES Managing Director Magnus Furugård. "This increases the risk for brand damages, costly lawsuits, increasing costs of investments and possibly loosing the investment," he added.

GES Investment Services advises a large number of investments funds in Scandinavia and internationally, in particular large institutional clients. Many public and private funds in Europe lately have put emphasis on ethic investments, which also have earned a reputation of paying off better than unethical investments over the middle and long run.

The recommendations by GES Investment Services are set to produce a significant divestment in the three newcomers on the blacklist. First announcements of investors withdrawing from the controversial oil companies have already been made in Scandinavia.

KLP Insurance, which is one of Norway's largest institutional investors with total assets at about 140 billion NOK, has already announced its disengagement in ExxonMobil and Marathon Oil after their inclusion on GES Investment Services' blacklist. KLP yesterday issued a press release, saying it would divest in these two companies "due to corruption" charges against them.

- As it is known, KLP operates by minimum ethical standards in all its financial investments, the statement said. "The company among other uses central UN conventions and statement as a basis. In June this year, the UN's Global Compact expanded its nine principles regarding environment and human rights with a tenth one, dealing with corruption." KLP thus had listened to the advices of GES Investment Services.

- Create an e-mail alert for Equatorial Guinea news
- Create an e-mail alert for Economy - Development news
- Create an e-mail alert for Society news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at