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Development

Morgan Stanley Boycott

[WTN-L World Tibet Network News. Published by The Canada Tibet Committee. Issue ID: 02/03/21; March 21, 2002.]

The Guardian - United Kingdom;
Mar 20, 2002
BY RICHARD WRAY

Environmental and human rights campaigners are threatening to run a consumer boycott against Morgan Stanley's recently launched UK credit card operation after being stonewalled by the investment bank's management at its annual meeting yesterday.

Campaign groups quizzed the US bank about its involvement in major infrastructure projects in Asia which they believe have destroyed the local environment and led to major abuses of human rights. But the bank's directors refused to answer their questions.

"The response of any non-governmental organisation to a failure to respond is to increase the pressure," said Friends of the Earth campaigner Edward Matthew.

Lorne Stockman, of the Free Tibet campaign, added that campaigners would consider expanding into Britain a US campaign against Morgan Stanley's credit card business.

Campaign groups are concerned about the bank's involvement in infrastructure projects in China and Tibet. They also allege that the bank has helped bankroll an Indonesian paper manufacturer, Asia Pulp & Paper, which has been accused of extensive deforestation in Sumatra.

Yesterday representatives from Friends of the Earth, the International Rivers Network and the Free Tibet Campaign questioned Morgan Stanley's management about environmental policy at an otherwise quiet AGM at Canary Wharf in London.

After 15 minutes of speeches from the activists, Morgan Stanley's chairman Philip Purcell said: "We are working with various people on an environmental policy. We believe very strongly in the environment."


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