Contact l Sitemap

home industries issues reasearch weblog press

Home  » Industries » Tobacco

AUSTRALIA: Government Invests in Philip Morris

NEWS.com.au
June 26th, 2006

The New South Wales government has reportedly invested in the owner of the world's biggest tobacco company.

The NSW Treasury has secretly purchased a significant stake in the owner of Philip Morris, which makes Marlboro and Longbeach cigarettes.

The government has not disclosed the size of its investment in parent company Altria Group, but documents show it is a top-10 holding in one of Treasury's two international share portfolios.

NSW Cancer Council chief executive Andrew Penman said the Government should ditch the Altria shares immediately.

"It is highly hypocritical for the government to convey strong personal health messages while at the same time profit by owning shares of a multibillion-a-year cigarette company," Dr Penman said.

Altria booked a net profit of more than $14 billion last year and owns seven of the top 20 cigarette brands around the world.





This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.