American Journal News: “McCormick Oversaw Investments in Companies That Did Business With Iran. Some of These Companies Were Divested From By Pennsylvania […]”
PENNSYLVANIA — David McCormick invested in companies that did business with Iran, including companies that Pennsylvania’s Treasury divested from and a subsidiary of a company whose assault weapons and grenade launchers were seized from the terrorist group Hamas, according to a new report from the American Journal News.
ICYMI: American Journal News: McCormick’s firm invested millions in Iran-linked companies, including weapons manufacturer
- Republican U.S. Senate candidate Dave McCormick oversaw investments in companies that did business with Iran. Some of these companies were divested from by Pennsylvania, the state he is now seeking to represent.
- From 2009 to 2022, McCormick was an executive at Bridgewater Associates, a private equity firm in Connecticut. According to the Bridgewater website, McCormick was “responsible for overseeing the firm’s strategy, governance, and operations.” He took personal responsibility for all investments the company made under his leadership.
- “I was the CEO, so whatever we did, I’m responsible for,” McCormick said in 2023.
- Between 2017 and 2019, Bridgewater invested between $11.6 million and $66.5 million in the China National Offshore Oil Corporation (CNOOC). […] In 2009, CNOOC made a deal with Iran’s state-owned oil company to develop gas fields in Iran.
- In 2014, the Pennsylvania Treasury barred public funds from investing in CNOOC. The decision was made under Act 44, a state law that prohibits public funds from investing in companies with ties to Iran’s and Sudan’s energy sectors. The law specifically cites concerns about terrorism and human rights violations in these countries.
- Another company Bridgewater invested in was the China Petroleum & Chemical Corporation, also known as Sinopec. According to public filings, the firm held up to $53.6 million in Sinopec between 2017 and 2021. Like CNOOC, Sinopec entered into a multi-billion dollar deal with Iran to develop gas fields.
- Pennsylvania public funds were prohibited from investing in Sinopec starting in 2011.
- In the same period, Bridgewater invested between $7.7 million and $43.7 million in Petrochina, a subsidiary of the China National Petroleum Corporation. In 2019, Petrochina acknowledged that it bought crude oil from both Iran and Sudan. The company also took part in Iranian gas field development.
- Pennsylvania public funds divested from Petrochina from 2011 to 2020.
- Bridgewater made other Iran-linked investments during McCormick’s tenure.
- In 2021, Bridgewater held up to $175,753 in North Industries Group Red Arrow Co., a manufacturer of artillery shells, rockets, and missiles. The company is a subsidiary of the China North Industries Group, also known as Norinco.
- In January 2024, Israel seized Norinco-made assault weapons and grenade launchers from the terrorist group Hamas. The Telegraph reported that Hamas likely obtained the weapons from Iran. […]
- Between 2003 and 2005, Norinco was sanctioned three times by the U.S. State Department for allegedly assisting Iran with its ballistic missile program.
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