Edinburgh accepted £3 million from arms dealers and mining companies

So much for disinvestment

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The University has accepted money from, and invested a total of £3 million in arms dealers and mining companies, as well as sanction-breakers.

After the furore over the university’s investment in oil, some may find it shocking to learn the University still invests in mining companies which exploit natural resources and often developing countries.

An FOI reveals the university’s relationship with arms dealers runs far deeper than just backing them with your tuition fees though.

They have accepted at least £420,000 in “research fees” and “funding” from companies such as BAE Systems and the Ministry of Defence.

This funding is for many areas in “Materials and systems”, and also comes from the university “engaging with commercial and non-commercial partners”.

The University does not have a group to look into its investments in arms dealers.

Sir Tim, poor form.

However the University replied to an FOI, somewhat nonchalantly, saying it “expects to firm our approach to establishing” the group “over the summer”.

The investments in Rio Tinto and BHP, well known mining companies, have been in place for at least the last five years.

Rio Tinto has been accused of various environmental abuses as well as labour and human rights violations, factors that contributed to the Government of Norway’s pension fund completely disinvesting from the company in 2010 whilst Edinburgh has remained invested.

The University’s investment policy says investments are only of concern if they are “to be so far removed from the University’s core values as to give grounds for serious concern”.

Anyone for another sit in?

Investments can be removed by petition from EUSA or other recognised groups “by reference to the businesses in which [the companies] are engaged”.

But the University states the latter is down to a matter of “personal opinion” and so leaves it open for the investment committee and managers to ignore such opinions.

The University also has nearly half a million pounds invested in The Weir Group.

The investment stands even after The Weir Group were found guilty of bribing Saddam Hussein’s regime, despite international sanctions, in return for contracts.