12 April 2007 23:41 [Source: ICIS news]
New York City-based Amnesty International USA said it has filed a complaint with the US Securities and Exchange Commission (SEC), asking that the commission investigate Dow, charging that the company is “secretly pressuring the Indian government to rid the company of its legal liabilities related to the
In a December 1984 tragedy, a Union Carbide plant in
Dow acquired Union Carbide in 2001.
Amnesty International USA said letters from Dow to Indian government officials that the rights group has obtained “are strong evidence that Dow believes pending legal liabilities for the legacy of
The rights group said the correspondence it has obtained indicates Dow is trying to avert an Indian government court action seeking a multimillion dollar deposit from Dow toward remediation of the old Union Carbide plant site in
Dow also denied that it is exerting secret pressure on the Indian government.
“In all of Dow’s communications regarding
“Amnesty International USA is well aware that this [the Union Carbide Bhopal facility] was not a Dow plant and that the Indian government owns the former
A spokesman for the Securities and Exchange Commission said that as a matter of routine policy the commission will not confirm or deny existence of a complaint or discuss correspondence it may have received.
Under US securities laws enforced by the SEC, publicly held companies have an obligation to disclose any existing or potential liabilities to shareholders.
Scot Wheeler, a spokesman for Dow, said the company “stands by its SEC disclosures regarding
The Amnesty International allegations come amid speculation that Dow is targeted for takeover.
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