GLC challenged on investment

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Mail ON Monday June 14 the passed a resolution declaring that:

«The Executive Committee of the Greater London Labour Party calls upon the GLC Labour Group to implement immediately its resolution of a year ago calling for the disinvestment of its monies from Rio Tinto Zinc - the company which is engaged in giving succour to the policies of the racist government of South Africa."

The motion was strongly supported by Lambeth's Ted Knight, who argued that they had found no difficulty in simply instructing their council's brokers to cease in Livingstone investment in RTZ.

An amendment was moved unsuccessfully by GLC leader Ken Livingstone and by the resolution's main opponent Mike Ward, stating that the "GLC had no power to disinvest from RTZ".

Livingstone, though he did not support, did not vote against the resolution after the amendment had failed.

Though the policy of disinvestment has little to offer in practical terms for the struggles of the South African workers, the attitude of the Labour GLC to this stated policy is an important test of accountability and the willingness of Labour representatives to break with legalistic restrictions.

VIDYA ANAND, of the London Region Executive. points out the scale of GLC involvement.

One year ago, the GLC Labour Group at County Hall voted nem con to sell off all investments in Rio Tinto Zinc because of their financial involvement in South Africa.

One year later, what has been achieved? Nothing. The GLC's multi-million pound Pension Fund is still playing its part in propping up an apartheid regime which has been universally condemned by the labour movement and civilised people throughout the world.

The GLC's cover-up of this dark stain on its record came to light as a result of the recent Rio Tinto AGM of 2 June, which ended in chaos and the police being called in to eject demonstrators. Questions from the floor demanded to know the attitude of the GLC Pension Fund to investment in the company. Its current investment in RTZ is of the order of two and a half million pounds.

Over the last year, the Labour GLC has been vigorously lobbied by RTZ's victims - ranging from uranium miners in Namibia who allege gross violations of international law and trade union rights, to Australian aborigines who have had their lands stolen and their legitimate interests ignored.

Nor is RTZ the only beneficiary of GLC largesse. Pension Fund cash is currentiy assisting the good works of others in South Africa:

*British American Tobacco, £6.2 million: Barclays Bank, £3.8 million; NatWest Bank, £2.6 million:

Why, one might ask, is the Fund's account not with the CoOp Bank, as has been suggested on many occasions?