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Clinton Link In Brazil Ethanol Probe
By Mr Ethanol | March 11, 2008
The Associated Press:
A team from Brazil’s Labor Ministry found “degrading” living conditions for 133 sugarcane workers employed by an ethanol company whose investors include former President Clinton and other high-profile financial players.
At five sites inspected, workers “complained they were suffering from hunger and cold, and all of the locations were overcrowded and with terrible sanitary conditions,” according to a statement issued Friday by Jaqueline Carrijo, who led the inspections last month.
The target of the probe, Brazil Renewable Energy Co., known as Brenco, apologized over the weekend and said it is fixing the problems at its rural operations, which turn sugarcane into ethanol.
Clinton’s connection is via an investment in Brenco by The Yucaipa Cos., a U.S.-based fund in which Clinton was a senior advisor until last year. His investment in Brenco is valued between $15,001 and $50,000, according to a financial dislosure report submitted last year by his wife, presidential candidate Hillary Rodham Clinton.
Yucaipa, whose chairman is prominent Democratic billionaire Ron Burkle, holds an overall 2.8 percent stake in the initial $200 million raised by Brenco last year to start up operations in Brazil’s booming ethanol sector.
Bill Clinton spokesman Matt McKenna said that the former president’s investment made via Yucaipa was small but that he had been assured Brenco was “committed to the highest ethical standard with regard to the treatment of its workforce and of the environment.”
“The president finds these allegations deeply troubling and expects Brenco to move swiftly to ensure that those responsible are held accountable,” McKenna said, adding that Clinton is “taking steps to ensure that there is an appropriate transition for his business relationships should Senator Clinton become the Democratic nominee.” More.
Topics: Brazil, Ethanol, News |
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