WEEKLY WATCH number 108 (20/1/2005)

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WEEKLY WATCH number 108
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from Claire Robinson, WEEKLY WATCH editor
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Dear all:

Calls are mounting for the resignation of Monsanto president and CEO, Hugh Grant, who was in charge of Monsanto's business operations in SE Asia at the time the company began its $700,000 bribery spree in Indonesia.

The role of Grant, who acts as an advisor to a Scottish government-sponsored advisory committee, has even been raised in the Scottish parliament. It was pointed out, "During 1997-1998, Mr Grant was managing director of Monsanto's Asia Pacific division and was promoted to having global responsibility for agriculture. He was not on holiday with Monsanto; he had overall responsibility during most of that period of corrupt practice." (INDONESIAN BRIBERY SCANDAL).
 
The level of confidence within Monsanto can be assessed by an investment report this week which pointed out that company insiders have dumped a massive 21.9% of their shares in the past few months.

But at least Monsanto still has a couple of friends left. One is the shameless Congress of Racial Equality (CORE), which started out as a black civil rights group but which has been co-opted by the hard right, and now Monsanto! Monsanto has become CORE's "corporate partner". You can actually see Monsanto's logo on their website next to pictures of civil rights activists murdered by the KKK. (LOBBYWATCH).

Monsanto's other friend is the ISAAA lobby group which has been claiming once again that there is a big increase in global GM crop cultivation, particularly in the developing world. Much of ISAAA's focus is on China as the future global GM booster, but new analysis suggests China is actually getting cold feet about GMOs and is now reluctant to proceed with their release. (see ASIA)

And ISAAA's global coordinator Randy Hautea has been forced to admit that the industry has had to pull out of countries like Indonesia and Bulgaria. Hautea even admitted "there were some disasters". Asked if a similar situation could arise in India, which ISAAA paints as another GM behemoth, Dr Hautea refused to comment! (ASIA)

Claire [email protected]
www.gmwatch.org / www.lobbywatch.org

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CONTENTS
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INDONESIAN BRIBERY SCANDAL
LOBBYWATCH
EUROPE
THE AMERICAS
AFRICA
ASIA
NEW RESEARCH
DONATIONS

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INDONESIAN BRIBERY SCANDAL
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***Monsanto gave a minimum of $700,000 in bribes to at least 140 current or former Indonesian government officials and their family members to smooth the entry of GM crops into the country.***

+ BUCK STOPS WITH MONSANTO PRESIDENT HUGH GRANT
A Monsanto profile of its president and chief executive officer Hugh Grant shows that he was in charge of the Asia Pacific region, including all the company's agricultural business operations there, from 1995-98. The five years of corrupt payments in Indonesia began in 1997, i.e. Grant was in charge at the time.

Monsanto can never hope to meet its pledge of "honesty" and "integrity" while run by a man who is proven to have failed to deliver honest business dealings in the area of company operations for which he had specific responsibility.

As Jonathan Matthews of GM WATCH said in a Sunday Herald article, "This man is steeped in a company culture that allowed this to happen."
http://www.lobbywatch.org/archive2.asp?arcid=4811
The Guardian's John Vidal reports on the scandal:
http://www.lobbywatch.org/archive2.asp?arcid=4809

+ GRANT MUST GO, SCOTTISH PARLIAMENT TOLD
Member of the Scottish Parliament Robin Harper told Scotland's First Minister in the Parliament that Grant must resign from Scottish Enterprise (SE), a body that helps Scottish businesses promote themselves. Harper said, "During 1997-1998, Mr Grant was managing director of Monsanto's Asia Pacific division and was promoted to having global responsibility for agriculture. He was not on holiday with Monsanto; he had overall responsibility during most of that period of corrupt practice."

Harper told the press: "The big issue this week is... the fact that the CEO of a corporation convicted of systematic bribery in its international dealings is on a government sponsored advisory committee... Ministers must intervene now and demand the resignation of Hugh Grant from SE. This is the real 'conflict of interest' political issue of the week. ...Hugh Grant has got to go."
http://www.lobbywatch.org/archive2.asp?arcid=4816

+ SEEDS OF BRIBERY SCANDAL
See an excellent Asia Times article looking at the bribery scandal from the Indonesian angle:
http://www.lobbywatch.org/archive2.asp?arcid=4814

+ MONSANTO RATS BAILING OUT OF SINKING SHIP?
A new report by Innovest Strategic Value Advisors paints a bleak picture of Monsanto's prospects and says that insiders are dumping their shares.

EXCERPT:
21.9% of the shares held by insiders have been sold in the latter half of 2004... while no significant purchases have taken place. In addition, extraordinary charges have regularly appeared on the balance sheet, averaging $350 million per year over the past four years.

...In summary, the risks to Monsanto's shareholders from the company's genetic engineering business are substantial. In addition, the company already carries historical risk liabilities well in excess of sector peers. As this report illustrates, the company faces business constraints in the form of market rejection by consumers, producers, an


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