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News > Companies
Business terror links probed
NYC asks Halliburton, G.E. & CononoPhillips to review dealings in Iran and Syria.
February 10, 2003: 3:17 PM EST

NEW YORK (CNN/Money) - New York City's comptroller is asking three American corporations to examine subsidiary business with terrorism-related states.

Comptroller William Thompson, whose office oversees the city's pension funds, has submitted shareholder resolutions to three companies -- Halliburton, General Electric and ConocoPhillips -- asking for a review of the companies' dealings in Iran and Syria. The resolutions were filed on behalf of the city's fire and police department pensions.

"We believe their use of offshore and United Kingdom subsidiaries to establish operations with countries that sponsor terrorism violates the spirit, if not the letter of the law," Thompson said in a written statement. "These actions also expose the companies to the prospect of negative publicity, public protests, and a loss of consumer confidence, all of which can have a negative impact on shareholder value."

New York City's pension funds have $951 million invested in General Electric, $124 million in ConocoPhillips and $23 million in Halliburton.

The Halliburton resolution seeks a shareholder vote on doing business with Iran, which the U.S. government says has supported terrorism. Thompson says Halliburton has an office in Iran through its Cayman Subsidiary. He says Halliburton is seeking to block the resolution and has asked permission from the Securities and Exchange Commission to do so.

GE does business with Iran through its Canadian subsidiary. A spokesperson from GE told CNNfn the company is in full compliance with the law.

ConocoPhillips operates in both Iran and Syria through its British subsidiary. Neither Halliburton or ConocoPhillips returned calls seeking comment.  Top of page

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