EAST LOTHIAN TRUST FUNDS SUPPORTING TAX DODGERS AND POLLUTERS

East Lothian Greens are raising concerns after discovering 48 county trust funds are benefiting global corporations accused of dodging taxes and polluting the environment.

Using a Freedom of Information request East Lothian Greens obtained a list of the trust funds, of which East Lothian Council is the majority or sole trustee. They include personal bequests and parish funds.

Accounts recently published by the council reveal that the trust funds hold £2.8million in shares in companies including:

- Shell, accused of hundreds of oil pipeline leaks in Africa, under investigation for alleged price-fixing, and preparing to drill in the fragile environment of the Arctic.
- HSBC, under investigation by the Financial Conduct Authority amid concerns of mis-selling.
- JP Morgan, the USA's biggest bank which recently agreed to pay regulators $13billion to avoid being taken to court over risky mortgage deals.
- And Vodafone, which has paid no corporation tax in the UK for the last two years.

Eurig Scandrett, co-convener of East Lothian Greens, said:

"I'm sure many people in East Lothian will be shocked by this discovery. You have to wonder why these investments weren't questioned before, either by officials or councillors.

"These funds were created to benefit local communities but it would appear they are also delivering a bonus for some dubious multinationals. Now that we have exposed what's going on I hope East Lothian can join the global trend for considering the ethics of financial investments."

More details...

Page 107 of East Lothian Council statement of accounts 2012/13 shows the shares held by the trusts.

£99,000 in UK Treasury
£87,000 in Shell
£77,000 in HSBC
£98,000 in JP Morgan
£82,000 in UBS
£78,000 in Vodafone
£67,000 in Threadneedle
£2.2million in other stocks, shares and cash



FoI request reveals the 48 Trusts are:
Bankton (Prestonpans) Bequest
Bankton(Tranent) Bequest
Belhaven Bequest
Helen Bridges Bequest (North Berwick)
Mrs Bridges Bequest (Musselburgh)
Brown Bequest
Mrs M. Brown's Legacy
Dr Bruce's Fund
Brunton Bequest
Caplan Charity
Thomas Carse Fund
Clark-Campbell Bequest
Coronation Fund
W.S. Davidson Trust
Jessie Dickson Mackay Fund
Dirleton Parish Fund (also known as Lady Hamilton Bequest)
Dunbar Memorial Trust
James Easton Bequest
Gourlay Trust
John Gray Trust
Guildry Fund
Guns Green
Haddington Combined Trust
Hamilton (Innerwick) Bequest
Hamilton (Pencaitland) Bequest
Hamilton (Stenton) Bequest
James Hislop Legacy
Humbie Parish Fund
John Hume Fund
Jimmy Harrison Fund
Lewisvale Park Trust
James McKelvie Bequest
Christina Milne Bequest
Lady Milne Memorial Fund
Museum Purchases Fund
Midlothian Education Trust
Agnes Neillan Bequest
New Hall Fund
Oldhamstocks Parish Fund
Richardson Bequest
Sailors Park Trust
T & AR Taylor Trust
Frank Tindall Trust
Wrights & Masons Trust
Yester Parish Fund
Yester Precious Lands
Burial Grounds Funds
Inveresk Churchyard Funds

When asked if East Lothian Council had concerns about investments in large companies, the council replied:
"The Trusts (sic) investments are managed on behalf of East Lothian Council by external investment managers. They have not raised any issues with us."