Full press release to come; for now, please see this email we sent to our supporters this morning:
Yesterday, Romanian authorities detained Dragoș Secu, director of 100%-owned Harvard timber company Scolopax, for accepting multi-million dollar bribes and luxury gifts to illegally acquire land on Harvard’s behalf.
This is foreign direct investment at its worst.
It’s part of an alarming pattern at Harvard Management Company. Yesterday was the third time in recent months that a company owned by Phemus Corporation, a Harvard investment fund, was implicated in an investment scandal.
Last year, a Chilean judge found Harvard guilty of illegally cutting protected forests. In October, student field research exposed environmentally destructive practices by Harvard’s timber companies in northern Argentina.
It doesn’t have to be this way.
The RI@H Coalition has been calling on Harvard President Drew Faust to implement responsible ownership policies for more than eight months. It’s a decision you or I could make in a minute: these policies would require Harvard companies to uphold Harvard values.
Yesterday’s news from Romania made one thing clear: We need to make our call even louder.
Will you join us in asking President Faust to require Harvard companies to uphold Harvard values?
When President Faust lets Harvard investment managers pursue profits at any cost, she does not want the Harvard community to find out. By taking action, you’re helping us call her bluff.