RealNews

GE accused of skirting terror laws via Canadian subsidiary

Pension funds representing New York City’s police officers and firefighters have accused General Electric Co. of using its Canadian subsidiary to skirt rules prohibiting U.S. companies from dealing with terrorist-linked countries. William Thompson, the city’s comptroller, filed a shareholders’ resolution yesterday demanding that GE’s board of directors create a committee to review the company’s business operations in Iran, which has been classified as a “sponsor of terrorism” by the U.S. federal government. General Electric Canada Inc. is supplying four hydroelectric generators to Iran Water and Power Resources Development Co. as part of a continuing $1.44-billion (U.S.) extension to the Masjed-e-Soleyman hydro plant on the Karun River in the western reaches of the country. Full Story

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