Canadian firms among those tied to 'state sponsors of terrorism': U.S. agency

Petro-Canada and Calgary-based Precision Drilling among companies on SEC list.

Last Updated: Wednesday, July 11, 2007 | 1:48 PM ET

CBC News

The U.S. Securities and Exchange Commission has published a list of about 100 companies — including Canadian ones — it says do business with countries it calls "state sponsors of terrorism."

Five countries — Cuba, Iran, North Korea, Sudan and Syria — are highlighted on the SEC site on a web page called "Countries the secretary of state has designated as state sponsors of terrorism."

That page leads to others that list around 100 companies, including some Canadian ones such as Petro-Canada, which sold oil properties in Syria two years ago. Calgary-based Precision Drilling, an oilfield services company, also made the list, even though it sold its International Contract Drilling division, which had drilling rigs in Iran, in 2005.

Also included are Ontario-based YM BioSciences Inc., and Lundin Mining, whose registered address is in Vancouver, B.C.

To make the list, the SEC says companies had to have the specified nations show up in their annual reports. The SEC website also offers a description of each company's connection to the region in question.

The SEC says the list makes it easier for investors to see where their money is going, improving disclosure.

But some organizations like the Institute of International Bankers, as well as businesses, argue snippets of annual reports don't accurately represent the relationship firms have with the specified countries.

Some of the well-known names on the list are; Benetton S.p.A., Four Seasons Hotels Inc., Nokia Corp., Xerox Corp., Unilever PLC, and Reuters Group PLC.