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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