The legal processes may be slow but that provides years of opportunity for people devoid of morality and ethics to speculate in stockholdings of the merchants of death.
In the 1990s, the Government of British Columbia began legal action against tobacco manufacturers, seeking recovery of damages and costs arising from wrongful conduct of the tobacco industry, including deceptive promotion of their products. In 2005, the Supreme Court of Canada upheld the right of government to sue the tobacco industry and, almost four years ago, BC partnered with other provinces to “expedite moving these cases to trial.” No hearing dates are scheduled so final resolution of the action is not likely to occur before the 2020s.
Tobacco-related illness is the leading cause of preventable death in British Columbia. Tobacco use causes up to 6,000 deaths in the province each year; killing more people than all other drugs, motor vehicle collisions, murder, suicide and HIV/AIDS combined.
However, while teams of lawyers spend their careers preparing government’s case, another arm of the same government provides financing to the industry that profits by killing and injuring its customers.
Compared to a year earlier, bcIMC has an additional $73 million invested in the world’s tobacco companies. This list is taken from the pension manager’s March 31, 2015 inventory of investments, which was only recently released.
Categories: BC Investment