Brazilian Government Finds that TIAA and Harvard Violated Law in Acquiring Half a Million Acres of Farmland
The companies face the potential loss of farmland worth as much as $1 billion raising questions about their activity in other countries and their claims to social responsibility
FOR IMMEDIATE RELEASE
WASHINGTON, D.C. – The federal land agency of the Brazilian government and a Brazilian state court have determined that pension fund manager TIAA and Harvard University’s endowment fund illegally acquired more than 500,000 acres of farmland in Brazil’s ecologically sensitive Cerrado region.
The positions issued by the country’s federal land agency, the National Institute for Agrarian Reform (INCRA), and the state court of Bahia are detailed...