Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, May 26, 1990 TAG: 9005260258
SECTION: VIRGINIA PAGE: A3 EDITION: METRO
SOURCE: Associated Press
DATELINE: RICHMOND LENGTH: Medium
Woodrum has about $20,000 in stock in Bristol-Myers Co., one of the companies on the list.
Woodrum, who said he bought the stock about 30 years ago with a small inheritance, said he was unaware that the company had South African ties.
"It was news to me, but I'm going to take a look at it," Woodrum said.
Others with holdings include Sen. Clive DuVal, D-Fairfax, whose disclosure form listed at least $230,000 in holdings in seven companies doing business in South Africa.
Sen. Elmon Gray, D-Sussex, holds at least $200,000 in stock in eight such companies, while Senate Majority Leader Hunter Andrews of Hampton has at least $50,000 in stock in five companies with direct South African ties.
South African investments are in the spotlight because Gov. Douglas Wilder has ordered state agencies to rid themselves of holdings in companies that are not "substantively free" of interests in that racially segregated country.
Some of the legislators said they may sell off their investments, while others questioned the wisdom of divesting in South African companies.
"I'm not sure but what that doesn't do more harm than good to the black people of South Africa," Sen. Richard Holland, D-Isle of Wight, told the Times-Herald and The Daily Press of Newport News.
Holland said he owns about $10,000 stock in Union Camp Corp., which is on the list of companies with South African interests.
DuVal expressed surprise when told that companies he has invested in have holdings in South Africa. "That's news to me," he said. "That is extraordinary."
He said he would have to study the matter and would consider whether the companies he owns an interest in are living up to guidelines to discourage the apartheid policies of South Africa's white-controlled government.
The newspaper compared investments listed on the financial disclosure forms of the state's 140 lawmakers and the three top elected officials with a list of companies state Secretary of Education James Dyke has sent to state colleges and universities to allow the schools to analyze their own investments in South Africa.
The list, dated Dec. 31, was based on information compiled by the Investor Responsibility Research Center, a non-profit research group based in Washington. It contains the names of 128 companies with employees based in South Africa or at least a 10 percent interest in South African companies, according to marketing director David Popper.
None of the state's top three elected officials, Wilder, Lt. Gov. Donald Beyer or Attorney General Mary Sue Terry, holds such investments, according to their financial disclosure forms.
The disclosure forms do not list investments worth less than $10,000. Also, the General Assembly forms do not give specific amounts of stock owned, only whether the investment is worth $10,001 to $50,000, or worth more than $50,000.
Other state lawmakers whose forms showed interests in South Africa were: Del. Harvey Morgan, R-Gloucester; Del. J. Paul Councill, D-Southampton; Sen. John Buchanan, D-Wise; Sen. Elliot Schewel, D-Lynchburg; Del. Raymond "Andy" Guest, R-Warren; and Del. Lewis Parker, D-Mecklenberg.
In most cases, the companies with South African ties represented a small part of the legislators' portfolio.
by CNB