UANI Statement on GM’s Acquired Stake in Peugeot

FOR IMMEDIATE RELEASE
March 28, 2012
Contact: Nathan Carleton, [email protected]
Phone: (212) 554-3296

UANI Statement on GM's Acquired Stake in Peugeot

New York, NY - United Against Nuclear Iran (UANI) CEO, Ambassador Mark D. Wallace, issued the following statement Wednesday following news that General Motors (GM) has acquired a 7% stake in French auto manufacturer Peugeot, the leading foreign auto brand produced and sold in Iran:

As a working partner and now official stake-owner of Peugeot, GM owes it to its investors and customers to compel Peugeot into ending its business in Iran. By doing business directly with the Iranian regime, Peugeot supports the regime's ability to develop its illegal nuclear weapons program, support terrorist proxies, and repress the Iranian people.

In light of the taxpayer-funded $50 billion bailout of GM and the U.S. Treasury Department's current 32% stake in GM, it is unacceptable for GM to financially align itself with a company that so openly deals with a regime that is responsible for the deaths of U.S. servicemen and threatens U.S. and global security. The GM and Peugeot partnership may also run afoul of U.S. sanctions, and should be investigated by Congress.

Peugeot, through its longstanding partnership with the Iran Khodro Group (IKCO), is the leading foreign auto brand produced and sold in Iran. Peugeot has more expatriate employees working in Iran than any other western company. IKCO is controlled by the Iranian regime, and affiliated with Iran's Islamic Revolutionary Guard Corps (IRGC).

This month, UANI called on Peugeot to end its ongoing business activities in Iran, and separately contacted GM concerning the impropriety of the Peugeot-GM partnership, and the possibility that it violates U.S. sanctions.

GM has yet to respond to UANI.

Click here to read UANI's March 9 letter to GM.

Click here to send a message to Peugeot and GM.