US - The California Public Employees' Retirement System (CalPERS) has voiced objections to the move by two of its major shareholdings to buy up part of bankrupt oil giant Yukos.
BP and Chevron, in which the fund holds around US$58.5m in shares, have been identified as potential buyers of the assets of Yukos, whose former owner was jailed.
In a leaked letter to board members, California’s State Comptroller John Chiang, who also sits on the CalPERS board, urged them to review investments in the two oil companies.
Yukos owners described the auctioning of its assets as the biggest expropriation in history and Chiang is worried about legal risks to potential buyers.
In other CalPERS news, vice-chair Priya Mathur yesterday urged members of the US House of Representatives to permit the Food and Drug Administration (FDA) to approve safe biogeneric drugs.
Speaking before the US House of Representatives Committee on Government Oversight and Reform, Mathur said Congress needed to approve the measure in order to "introduce competition into the biopharmaceutical marketplace".
The fund believes without this legislation the high cost of such drugs “presents an unsustainable challenge to CalPERS and to the nation’s health care system".
Mathur said: “At a time when our state is trying to expand health insurance to more Californians, slow the rate of growth in health care costs, and make our health care system more efficient, the high cost of biopharmaceutical products presents an unsustainable challenge to CalPERS and our entire health care system."
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