Super fund invests in Indian nuclear sub company: Greens

DANYA LEVY
Last updated 08:57 22/06/2011
Opinion poll

Should the NZ Super Fund pull its investment in an Indian company building nuclear-armed submarines?

Yes

No

It doesn't matter

Vote Result

Relevant offers

Politics

Traps, 1080, 'vital to save kiwi' Merry Christmas, Merry Christmas, Merry. . . Gerry Brownlee security details differ Whale Oil blogger Cameron Slater wins quote of the year Former MP Asenati Lole-Taylor 'broke rules' by accessing records Stuff's top videos of 2014 Phillip Smith escape report highlights lack of information sharing between agencies $38.7b for roads, public transport - Government Judge orders handover of Nicky Hager raid documents Police ordered to hand over Nicky Hager search documents

The New Zealand Superannuation Fund should not be making money by investing in an Indian company building nuclear-armed submarines, the Green Party says.

Figures provided to the Greens show the Super Fund holds 44,595 shares in Larsen and Toubro, a Mumbai-based multinational involved in designing and building a fleet of nuclear-armed submarines for India.

Co-leader Russel Norman said it was "grossly irresponsible" for the Fund to be making money out of nuclear proliferation in a region of the world which was highly unstable.

"Why are the directors of the Super Fund risking our reputation as a responsible member of the world community with this $NZ2.1 million investment?

India was not a signatory to the Nuclear Non-Proliferation Treaty and was rapidly increasing its nuclear weapons arsenal, he said.

"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 and Toubro was India's largest defence engineering company and was partnering with the Indian Navy to manufacture their new fleet of nuclear-armed submarines, Norman said.

"They also hold a contract to develop a missile launcher for the Sagarika - a nuclear-tipped, sub-launched cruise missile."

Opposition to unethical investment by the Greens had already resulted in the Super Fund divesting in tobacco companies and cluster bomb manufacturers.

"And some (but not all) companies involved in the nuclear weapons industry," Norman said.

Larsen and Toubro's website describes it as a $US11.7 billion technology-driven engineering company.

Ad Feedback

- Stuff

Special offers
Opinion poll

Should the speed limit be raised to 110kmh on some roads?

Yes

No

Vote Result

Related story: 110kmh limit moves closer

Featured Promotions

Sponsored Content