MOSERS divests stock in Arab Bank

In June, MOSERS defeated Steelman’s motion to divest $87,000 in stock in Arab Bank. Now, two weeks before the system’s board was scheduled to vote on forcing the sale of stock, MOSERS is going back on its initial decision.

The MOSERS board also is expected to vote on a private vendor that will screen stocks to make sure they are not tied to companies involved with terrorist activities. MOSERS passed a resolution to implement the screening policy in August.

“Our tax dollars should never be invested in companies or in countries that support terrorism,” Steelman said in a news release. “Selling the Arab Bank stock is the first step. Ensuring a policy that prevents such investments in the future is the next step.”

Arab Bank has been the target of an investigation by the U.S. Treasury Department since January. In August, the department slapped a $24 million fine on the bank for not enforcing laws to keep its transfers out of terrorists’ hands. Other allegations claim Arab Bank has provided more than $20 million in funding to terrorist groups.

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