Wednesday, October 19, 2011

UK: Oxford University invests £630,000 in US cluster bomb manufacturers

The Independent has revealed that the leading British Oxford University has invested £630,000 ($990,045) in the US arms manufacturer, Lockheed Martin, which is still involved in the cluster-bomb industry.

Information further revealed that the Oxford University Endowment Management (OUEM) has invested more than £2 million ($3.143 million) in several arms and war companies including Northrop Grumman and European Aeronautics Defense and Space.

Although Britain is one of the some 100 nations who have signed the Convention on Cluster Munitions, which bans the use, production, stockpiling and transfer of cluster bombs, however, the UK-based Oxford University used a loophole which states that financial institutions and private citizens can continue to back cluster-arms manufacturers, as long as they do not directly invest in the bombs.

According to the university’s spokesperson, there is a committee that checks if companies are violating the UK law regarding cluster bombs, further noting that “Lockheed Martin” is not on the prohibited investment list.

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