We’ve talked a lot about Extinction Rebellion and the major hypocrisies surrounding this supposed ‘grassroots’ environmental activist group, well, here is another taint in the credibility of the movement as we discover one of the groups major backers have just made millions from the very industries they vow to destroy.
Sir Chris Hohn, who has donated £200,000 to the controversial climate change pressure group and is feared in City boardrooms for putting pressure on companies, saw his investment firm join the ranks of the world’s largest hedge funds last year after a stunning performance.
TCI Fund Management, which is owned and run by Hohn, added $8.4billion (£6.4billion) in value last year – more than any other major hedge fund according to LCH Investments – taking its assets under management up 39 per cent to $30billion.
But The Mail on Sunday can reveal that the winning streak involved huge bets on companies that have been embroiled in environmental scandals. They include Canada’s two biggest rail firms which have been fined in recent years for their failings.
Meanwhile, a US rail company backed by TCI is under investigation over whether it broke environmental laws after cancers in the Houston area were feared to be linked to contamination from the company’s rail yard.
The case has attracted support from activist Erin Brockovich, who was played by Julia Roberts in the eponymous Hollywood movie about her fight for groundwater contamination victims.
Hohn, who had to hand over £337million in Britain’s costliest divorce in 2014, last month warned he would vote to eject directors who fail to disclose carbon emissions. He has pocketed more than £800million in dividends from TCI over the past four years.
Chris Hohn is Extinction Rebellions largest donor and while XR themselves are not responsible for the actions of their donors, it does reveal the level of hypocrisy that many of the group’s avid supporters have.
Finally, other TCI investments include Raytheon, a £50billion American missiles maker which agreed to pay thousands of dollars to Florida residents over groundwater contamination, and chemicals company Univar Solutions.
Saving the World on money raised through war and oil, is that even possible?
Further Reading: MSN.com