Oxford University invests £630,000 in US firm that profits from cluster bombs
Oxford University has invested £630,000 in Lockheed Martin, one of three US arms manufacturers still involved in the cluster-bomb trade.
Freedom of information requests obtained by The Independent from the Oxford Anti-War Action group reveal that Oxford University Endowment Management (OUEM) has invested more than £2m in defence companies including Northrop Grumman and European Aeronautics Defence and Space.
The Lockheed investment is particularly controversial as the US defence giant has outstanding contracts with the US military to refurbish old stocks of cluster munitions.
Britain is a signatory to the Cluster Munitions Convention, a global treaty now signed by more than 100 nations which bans the use, production, stockpiling and transfer of cluster bombs.
Under a loophole in current legislation, financial institutions and private citizens can continue to back cluster-arms manufacturers, as long as they do not invest in the bombs directly.
A spokesman for the university said OUEM works to an investment list approved by a committee , which checks if companies may be in breach of UK law on landmines and cluster bombs. "Lockheed Martin is not on the prohibited investment list," the university spokesman said.
"If there is new factual evidence... that clearly demonstrates that a company has significant and current activities that would cause them to be included in this list, then this should be brought to the attention of the investment committee," he added.
- 4 Alex Salmond: 'The rocks would melt with the sun before I'd ever set foot in the House of Lords'
'The Fappening': Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
The Fappening: Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
£70000 - £80000 per annum: Ashdown Group: Group Head of Marketing and Communic...
Negotiable: Randstad Education Manchester: Level 3 Nursery Nurse required for ...
Negotiable: Randstad Education Manchester: L3 Nursery Nurses urgently required...
Negotiable: Randstad Education Manchester: We have a number of schools based S...