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Article

14 Aug 2008

Author:
Shan Ross, The Scotsman

Scots firm pulls cash out of mining scheme on 'sacred' Indian mountain

A Major Scottish investment fund [Martin Currie Investment Management] has sold its shares in [Vedanta Resources] after...coming under fire from Survival International. The campaign group is trying to block a Vedanta subsidiary, Sterlite, from mining bauxite on a mountain in eastern India seen as sacred by the 8,000 people of the Dongria Kondh tribe...Stephen Corry, director of Survival described the decision by Martin Currie as a "victory"...Scott White, director of corporate communications at Martin Currie [said]..."It is fundamental that we expect companies to behave both within the law and morally…The doubts over the issues with the bauxite project…led to exiting the stock." [also refers to Alliance Trust, Standard Life, Barclays Bank, Abbey National and HSBC]