The Harvard Crimson reported last night that Scolopax SRL put 32,000 hectares of Romanian timberland up for sale following last week’s bribery case. This accounts for nearly all of Scolopax’s holdings.
According to the Crimson story,
The documents advertising the sale were posted in Romanian provinces two days after Dragos Lipan Secu, a former contractor for a University subsidiary, was arrested on charges of bribery and money laundering.
Scolopax, a Romanian company owned by Phemus Corporation, a subsidiary of the Harvard Management Company, posted the fliers at the end of January in 21 Romanian provinces.
Here is our statement in response:
When students and alumni join together and demand accountability for Harvard’s out-of-control companies, we do make a difference. But selling the assets of every company in the news is not a solution. Harvard should implement responsible ownership policies at once to prevent future mismanagement and mistakes like Scolopax.