KCC Pension Fund fuelling Putin’s War Machine, but they’re trying to divest.

Before we get to Kent County Council, the people of Kent should be aware that vast sums of Russian money has flowed and continues to flow through hundreds of companies registered at 80 Sidney St, Folkestone

But it doesn’t stop there. Roman Abramovich holds assets in the form of property in Hythe (Kent) known as Pensand House & Malborough Court. Every step must be taken to either seize, freeze or sell these assets immediately.

Eight days after the brutal invasion of the Ukraine by Putin’s war machine, Kent County Council’s Deputy Leader, Cabinet Member for Finance, Corporate and Traded Services, Cllr Peter Oakford (Con) took the step to make it it clear KCC will not continue to fund through procurement, Putin and his war machine in the Ukraine. A review of the supply chain showed that very few cases in the energy market did find there were transactions, and new transactions have been stopped.

The Leader of the Conservatives at County Hall Roger Gough, said that in the “very few cases where activity involving Russian interest, for example in the energy market, has been identified, all new transactions have been stopped”.

However, that’s not the whole picture as Kent County Council via its pension fund holds assets in Russia via Lukoil and bonds in the Russian Federation according to their pension portfolio, which helps and assists Putin in his active aggression against the Ukraine. Even though the assets are very limited at 0.3% of the total fund, assets they be. And every penny denied to Putin’s war machine, will help.

The chair of the committee responsible for KCC pension fund – The Superannuation Fund Committee – Cllr Charlie Simkins (Con) must immediately order the fund to first freeze, and then divest its Russian assets.

We understand officers are in active dialogue with fund managers regarding decreasing KCC’s Russian exposures. However, this will take time as it’s unclear when the Moscow stock exchange would reopen and how trading would work. Meanwhile, the small amount of KCC’s Russians investments continues to fund Putin’s war machine, against the people of the Ukraine.

The Shepway Vox Team

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