State treasurers push for divestment from China citing 'red flags' regarding CCP control

FIRST ON FOX: More than a dozen financial officers from 15 states are sending a letter to public pension fund fiduciaries, urging them to cut ties with China-based investments due to the Chinese Communist Party's (CCP) control over some firms.

"Trustees of state funds have a duty to investigate investments and a duty to monitor investments and divest from imprudent investments, in order to ensure that those funds grow and are protected for future beneficiaries," the letter from 18 state treasurers stated to public pension fund fiduciaries, who include anyone managing a public pension fund. "The time has come to divest from China."

The 18 financial officers - who include some state treasurers - are from Alabama, Arkansas, Alaska, Arizona, Indiana, Kansas, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, Pennsylvania, South Carolina and Wyoming.

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Financial officers cited a crackdown by the CCP on due diligence firms, which has compromised the reliability of financial audits. They also pointed to CCP interference in stock and bond markets, where efforts to hide foreign investment outflows have been observed.

The CCP maintains extensive control over Chinese companies, including the placement of military and intelligence personnel within them, the letter also states, and keeps the legality of Variable Interest Entities (VIEs) hidden.

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