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DAM-L re: 3 Gorges -> Letter to Morgan Stanley CEO, Phil Purcell (fwd)
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Date: Mon, 26 Mar 2001 15:54:31 -0800 (PST)
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Subject: Letter to Morgan Stanley CEO, Phil Purcell
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--
March 26, 2001
Philip J. Purcell
Chief Executive Officer
Morgan Stanley & Co. Inc.
1585 Broadway, 40th Floor
New York, NY 10036
Dear Mr. Purcell,
In light of recent evidence of human rights abuses at Three Gorges Dam, we
are writing once more to urge Morgan Stanley to commit to no future bond
underwriting or financial support for China Development Bank, a major
financier of Three Gorges Dam. According to recent reports (see enclosed
articles) five people have been detained by police for organizing petitions
on Three Gorges resettlement problems. Articles 19 and 21 of the United
Nations Human Rights Declaration list the freedoms of expression and
peaceful association as inherent inalienable human rights. The reports
clearly demonstrate how project authorities suppress freedom of expression
and association of those involved in the resettlement process.
The China Development Bank (CDB) lists the Three Gorges Project Development
Corporation as its top loan commitment. China International Capital
Corporation (CICC) has, since 1995, been the financial advisor to the Three
Gorges Project Development Corporation on overseas capital raising. Since
Morgan Stanley is a 35% holder in CICC, and since Morgan Stanley was a
participating underwriter of $830 million in CDB bonds in 1997 and 1999, we
call on Morgan Stanley to refrain from being involved in purchasing and
underwriting CDB bonds while funding from those bonds are leading to
construction of Three Gorges Dam. We also recommend that Morgan Stanley
communicate to Chinese authorities and to CDB representatives that it will
not assist in fundraising for Three Gorges Dam.
In February 2001, Bloomberg News reported CDB's plans to auction 185
billion yuan (22 billion USD) denominated bonds. Most recently, on March
12, 2001, CDB announced the auction of 12 billion yuan in bonds. Given the
concern of CICC's financial advising on capital raising for Three Gorges
Dam, has either CICC or Morgan Stanley been involved in purchasing CDB
bonds? While US investment banks cannot buy RMB denominated bonds, please
clarify whether Morgan Stanley through its joint venture China
International Corporation, have been able to buy such bonds.
We ask you to commit to no future direct or indirect financing for Three
Gorges and China Development Bank, immediately. Thank you for your
attention to this matter, and we look forward to your reply.
Sincerely,
Doris Shen
Three Gorges Campaign
International Rivers Network
Enclosures: March 22, 2001 South China Morning Post, Jasper Becker
"Three Gorges Petitioners 'held by police'"
March 23, 2001 Three Gorges Probe, Wang Yusheng
"Three Gorges Dam Petitioners Abducted"
Cc: Peter Clarke, Chief Executive Officer, China International
Capital Corporation
Donald Kempf, Chief Legal Officer and Secretary, Morgan Stanley
William J. O'Shaughnessy, Jr., Principal, Morgan Stanley
John Beneke, Principal, Morgan Stanley
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