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07743 November 14, 2007
Citigroup off the hot seat
No financial improprieties found, so MRTI now engaging four corporations regarding business practices in Israel, Palestine
by Toya Richards Hill Presbyterian News Service
LOS ANGELES - Citigroup Inc. has been taken off the list of multinational corporations the Mission Responsibility Through Investment Committee (MRTI) of the Presbyterian Church (U.S.A.) is engaging to ensure their business dealings in Israel and Palestine comply with denominational peacemaking policies.
The unanimous decision was made during MRTI's Nov. 8-10 meeting here, and takes the number of companies the group is talking with down to four - ITT Industries, based in White Plains, NY; Motorola Inc., based in Schaumburg, IL; United Technologies Corp., based in Hartford, CT; and Caterpillar Inc., based in Peoria, IL.
MRTI has been investigating business practices in Israel-Palestine since being instructed by the 2004 General Assembly to "initiate the process of phased, selective divestment" from companies whose activities the church believes are contributing to violence in Israel-Palestine.
The 2006 GA changed the assignment, charging MRTI instead to ensure that PC(USA) monies "be invested only in peaceful pursuits," and that MRTI's "customary corporate engagement process" be used to achieve that goal.
The initial five companies were identified after MRTI developed a set of criteria by which to select whom to engage following the 2004 Assembly.
"Based on MRTI's conversations and research, it seems appropriate to ... remove them (Citigroup) from the engagement list," said committee chair Carol Hylkema, of Dearborn, MI.
The New York City-based international bank initially made MRTI's list of companies for engagement because of allegations of its involvement in transferring funds to Arab Bank from charities later determined to be fronts for funneling money to terrorist organizations and payments to families of Palestinian suicide bombers.
The Rev. Bill Somplatsky-Jarman, the PC(USA) staff person assigned to MRTI and the committee's lead researcher, said talks have taken place with Citigroup about its policies related to potential money laundering, and that no improprieties have been found at this time.
MRTI also decided at its meeting not to help sponsor a "Palestine Investment Conference" in the Middle East, although the group may have someone from the committee attend.
Spearheaded by the Israel/Palestine Mission Network of the PC(USA) and pegged "An Exploratory Opportunity for Business & Church Leaders," the conference is slated to take place in late April and early May 2008.
"While there are readily available opportunities for Presbyterians to invest in Israeli-owned business, little is known about similar opportunities for investment in the Palestinian Territories," trip organizers noted in conference material reviewed by MRTI. "This conference is designed to explore such intentional investment."
MRTI members raised a number of key issues related to the trip, including reconciling the availability of real investment opportunities in Palestine with information MRTI previously received that indicates the contrary.
Hylkema said she communicated with the mission network that advocacy should be the "call word" for the conference, and MRTI vice chair Bernice McIntyre said that while bringing people together to see what investment opportunities might exist in Palestinian areas "is helpful," it should be made clear that the mission of the trip is not necessarily investment.
"It's very important that there be a report back," said McIntyre, of Washington, D.C. "So that we can build upon it."
Questions also were raised about how the purpose of the trip and what comes out of it will be communicated here in the U.S. A wave of public criticism engulfed the PC(USA), particularly from the American Jewish community, following the GA's call for phased, selective divestment in 2004.
"I think we need to tread extremely cautiously," said the Rev. Shelly Wood, an MRTI member from Cedar Falls, IA.
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