GOP Presidential Candidate Romney Still Holds stock in oil company in Sudan

08-15-2007

Republican presidential hopeful Mitt Romney divested from companies doing business in Iran but still holds stock in an oil company that does business in Sudan, where the government is accused by the West of sponsoring genocide, his financial-disclosure report filed Monday shows.

Romney, the wealthiest presidential contender, is worth $190 million to $250 million, with investments spread among stocks, treasuries and high-end funds. R. Bradford Malt, Romney's attorney, acts as sole trustee of what until Monday was a blind trust, and makes investment decisions. Romney, the former Massachusetts governor, trails in national polls but is doing well in the polls in the early voting states. His wealth is key to his candidacy. As he did when he ran for governor in 2003, he is dipping into his accounts to help pay for his candidacy, lending his campaign more than $9 million so far.

He first filed a financial disclosure when he ran for U.S. Senate in 1994. At the time, the Boston Herald reported that he had assets of $16 million to $25 million.

In a telephone news conference, Malt said Monday that he became more attentive to Romney's holdings once the former Massachusetts governor began running for president. The financial disclosure, which covers 2006 and the first half of 2007, shows Malt sold stock in dozens of companies in recent months.

For example, after Romney publicly called for divestment from companies doing business in Iran, Malt sold stock in some such companies, such as the Italian oil company Eni S.P.A.

Chinese oil firm in Sudan

But according to the report, Romney holds stock in China Petroleum and Chemical, an oil supply company that has dealings in the African nation of Sudan, according to the Genocide Intervention Network, a Washington-based group dedicated to ending the genocide in Sudan's Darfur region.

Romney's holdings in the company are a tiny fraction of his overall portfolio. The stock is valued at $50,000 to $100,000 and generated income of no more than $15,000. The federal reports give ranges rather than specific values of holdings.

Romney spokesman Kevin Madden, declining to discuss any single investment, said all decisions were made by Malt and that Romney had no influence over how his investments are handled.

The report shows Romney has numerous offshore holdings. Malt said none of the foreign investments was intended to "reduce taxes or defer taxes."

Domestically, Malt sold stock in Altria Group, whose subsidiary, Philip Morris, U.S.A., is the world's largest cigarette manufacturer, although Romney still has some holdings in the company through at least one of his many investment funds.

As Romney seeks support among social conservatives in the Republican primary, the trustee also sold off stock in half a dozen casino companies, earning Romney $155,000 to $1.18 million.

Romney placed his holdings in a blind trust when he became Massachusetts governor in 2003.