The Daily Tar Heel Friday, November 20, 19873
Unniversity endowment is stable despite divestment
By LAUREN MARTIN
Staff Writer
Students began protesting tor
UNC divestment in 1982. This past
October coincidentally one of the
most erratic months in stock market
history the Board of Trustees
responded by pulling all University
stocks out of companies it considers
to have business in South Africa.
But officials said that neither the
divestiture nor the stock market
turmoil had a dramatic impact on the
University's endowment.
Wayne Jones, associate vice chan
cellor for finance, said the market
value of the endowment fund was
down only 7 percent. "So we didn't
feel we got hurt too badly overall,"
he said.
The University divested $5.3 mil
lion worth of stocks in October, he
said.
Jones said most of that money has
been reinvested in similar companies
that the BOT does not consider to
have ties with South Africa or the
apartheid system of that country.
"They are similar companies in that
they are well managed and pretty
secure," Jones said. "So we donA
really anticipate any harm done in
the total portfolio (as a result of
divesting)."
Jones said that if the University had
pulled out four or five years ago when
the protests began, the portfolio
would have suffered. Many compan
ies have since then broken their ties
with South Africa, he said, so the
choice of companies in which they
could reinvest has increased.
Jones said divesting didn't affect
the University's stockholdings
because, "if you reinvest in other
companies, your market exposure
remains the same."
Because they anticipated a decline,
University investment managers had
cut back on the total investments in
the stock market before the recent
tumble, Jones said.
The total endowment dropped
from $123 million at the beginning
of October to $1 16 million at the end
of the month. But Jones said the $7
million drop will not have a signif
icant impact on the University.
"Our endowment is still worth
more now than it was a year ago,"
he said. "The portion of gains over
the last few years has been far greater
than this loss."
BOT Chairman Robert Eubanks,
said the less than 5 percent of the
total endowment was invested in
companies doing business in South
Africa.
But Dale McKinley, a member of
UNC's Action Against Apartheid,
said the University still holds $6.8
million in companies that the United
Nations considers to have an asso
ciation with the South Africa or the
apartheid system.
McKinley said some companies,
such as General Motors Corp., Coca
Cola Corp., International Business
Machines Corp. and Ford Motor
Co., claim they have divested. "Yet
they have maintained everything
except the actual buildings."
Action Against Apartheid has
turned its attention to North Carolina
National Bank (NCNB), which has
o e
significant ties to South Africa,
McKinley said. Pressuring the BOT
right now would not be effective, he
said.
"The atmosphere right after this
partial divestment was not one we
could be productive in," McKinley
said. "But that's not indicative of our
backing off in the long run." !
McKinley said CD. Spangler,
UNC-system president, is one of the
largest stockholders in the bank, and
the University itself has accounts with
NCNB. ,
"People have to realize there's morie
money there," he said.
OMte Atncan stadents discmiss SMDoressionL mrastiice
11 IL S
By CARRIE DOVE
Staff Writer
The South African government
violates human rights in all parts of
its country and spreads injustice to
territories and border states, four
South African students told about 25
students Thursday night in the
Student Union.
"South Africa has destabilized the
governments of host countries (of
refugees) and harassed the refugees,"
Ruth Hlabi, a native of Soweto,
South Africa, who is studying at
North Carolina Central University,
said in a speech sponsored by Action
Against Apartheid as part of Human
Rights Week.
Swaziland, which has a large
number of South African refugees,
forbids commemoration of important
days in the anti-apartheid movement
because it fears South African reta
liation, she said.
Human Rights Week Schedule
Friday
5 p.m. Oxfam Break-Fast. A speaker will talk about world
hunger in the Pit and Lenoir Hall. Sponsored by the Campus
Y's Hunger Responsibility.
6 p.m. An Evening of Dinner and Discussion with Dr. James
David Barber. Lecture by the former chairman of the board
of Amnesty International. Sign up in the Campus Y.
8 p.m. "A Counter Intelligence Cabaret" Folksinger
comedian Dave Lippman will perform songs and skits about
global politics, economics and human rights. Sponsored
by the Carolina Committee on Central America. 100
Hamilton Hall.
1 1 p.m. Human Rights Music Feature. A collection of ethnic,
political and protest music. Presented by WXYC.
"These measures have deterred
refugees from joining the ANC or
PAC (two anti-apartheid organiza
tions)," Hlabi said.
The South African government
also tries to create tension between
dissent groups in South Africa, she
said.
"The world wrongly perceives the
situation as black on black, but the
so-called feud has been engineered by
the South African government,"
Hlabi said.
Kenneth Fassie of Capetown, also
studying at NCCU, spoke about
detention and torture of South
African prisoners.
Fassie, who was detained for three
months when he was 17, had to flee
the country when police obtained new
evidence against him two weeks after
his release.
"Detention is one weapon the
South African government uses to
suppress the black people," he said.
The South African government has
detained more than 10,000 children
between the ages of 1 1 and 18, Fassie
said.
"The South African government
holds the right to detain you because
of suspicion," he said. "I had done
nothing else but speak out against the
South African system."
He said the government held him
in a cell without visitors and period
ically tortured him.
Other rights violations occur in the
health care field, said Jimmy Ellis,
a Capetown native who is studying
for his doctorate in sociology at UNC.
"South Africa is the only other
country beside the U.S. where health
care is not seen as a basic human
right," Ellis said.
Hospitals are strictly segregated, he
said.
"Apartheid has a profound influ
ence on the delivery of health care,
and the majority of the black people
are treated in very uncaring ways,"
Ellis said.
The non-white sections of hospitals
are grossly overcrowded, he said, and
many Native Africans have stopped
being treated at hospitals.
"People are resorting to folk
medicine," Ellis said.
The situation in Namibia, a South
African territory used as a "buffer
zone," is deteriorating, said Leopold
Shaimemanya, a Namibian studying
at NCCU. j
"The trend toward ever more
severe repressiveness continues to be
seen," he said. "One in 500 people
(in Namibia) have died after being
tortured by the South African
government."
RECYCLE
This Newspaper I
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131
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