Recent Stock Sales by Universities Score Victories for Student Activists

by American Committee on Africa
with Joshua Nessen
New York, New York, United States
March 1981
3 pages
Type: Press Release
Coverage in Africa: South Africa
Coverage outside Africa: United States
Language: English
The press release says that, during the past several months, at least six U.S. universities and colleges, from Harvard to Eastern Michigan to the University of California, have acted to divest well over $80 million in stock and deposits in US corporations and banks doing business with racist South Africa. These actions are the result of years of campus campaigning by groups of students seeking to cut U.S. support for apartheid. A major target has been New York's Citibank subsidiary of Citicorp, which was involved in a recent syndicated loan of $250 million to the South African government. The press release says Colby College also took action to divest holdings in Dresser Industries and Englehard Minerals Corporation, a major dealer in South African minerals. Trustees of Eastern Michigan University (in Ypsilanti) voted in November to sell shares of Manufacturers' Hanover Trust Corporation, and the Associated Students of the University of California at Los Angeles transferred more than $25 million in funds out of Bank of America and Security Pacific Bank in July 1980 due to South African lending.
Used by permission of Africa Action (successor to the American Committee on Africa).
Collection: Alan Zaslavsky Africa Collection, Michigan State University Libraries Special Collections