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From: Frente/CCCCH
Date: Mon, 19 May 2003 18:52:45 -0400


Canadian Committee To Combat Crimes Against Humanity


Press release
Immediate publication

Full Emglish version



To all stockbrokers 

Two environmentalist and social protection organizations inform all stockbroker and investor counselors to notify their clients, specially small shareholders, to provide the necessary steps to safeguard their investments against actions that in the future shall be taken against COSTCO, a corporation that has destroyed world heritage in Cuernavaca, Mexico. 

Montreal, Cuernavaca, May the 12th, 2003.- 

The Citizen’s Coalition (Frente Cívico) and CCCCH are to convoke the world activists to organize activities condemning COSTCO and its CEO James D. Sinegal. As these activities can cause loss of value, as they are already doing,
(*) to COSTCO’s shares, and by extension, to the investments of small shareholders, it is our obligation, to let you know of what is occurring.

We know that most of your clients are honest working people, probably unaware of COSTCO’s criminal behavior, and consequently we address you primarily, so that you can inform the investors that actions are to be taken against the company in order to have Costco corporation move their warehouses to a location that will not affect the historic site where it is now or the quality of life in the city of Cuernavaca.

Cuernavaca has been the victim of terrible destruction which includes important works of art, architectural treasures, and green areas in the city. In nearly 20 acres in the center of the city, the following has been destroyed or affected by Costco: 1, 400 square meters of mural artwork from the XX century , An Olmec archeológical site, one of the most important structures created by the Félix Candela and nearly 2 million cubic meters of an ecosystem. This in order to make way for a 1200 car parking lot with two giant warehouses, a water treatment plant, cafeteria and an additional street.

As irresponsible local authorities catered to the desires of the project managers, a group of citizens were forced to create the Frente Cívico Pro Defensa del Casino de la Selva. The coalition, Frente Cívico, has been working for two years in order to make the public aware of the barbaric acts commited. When trying to block the cutting down of the ancient trees in the site, police brutality was used against it sending university workers, parents, university professors, environmentalist, artists and students to jail. 15000 people have protested against the project, the attack on the citizens and the authorities, but the protestors are still facing legal action against them. 

The construction of the stores is riddled with corruption and illegal activites. Of the most important is the irregular sale of the land by the federal government for one sixth the value of what it was received the treasury secretariat. The coalition has published the documents proving the illegality of the construction permits which of course lack an approval of the traffic or environmental positive evaluations. Because the company is flagrantly breaking the law while destroying cultural and natural treasures is that a campaign has been launched for several months now and will be maintained until the company reacts. Many investors have already responded selling their stock as can be observed by the loss of value in the shares with respect to the Nasdaq index since last December (see graph) However more actions by nearly 5000 NGOs will be taken.

We know that James D. Sinegal, Jeff Brotman and Joel Benoliel, company directors and lawyer, are responsible for the violent destructive acts in Cuernavaca . We also believe that they, like executives of companies such as Enron are traitors to the investors for not responding correctly to their obligations to protect the value of their shares. 

Costco recognizes it has done wrong as can be seen by their apologetic discourse - It has even made a very futile attempt to make up for the terrible damage by lending temporary Mexican artist exhibits offering seedlings. They also claim that the loss of share value may come from other sources, but as we have said before, it is up to you, shareholder and stockbroker to take the logical and socially responsible decision in order to safeguard your investments and those of your clients. 

Frente Cîvico pro Defensa Casino de la Selva
Canadian Committee to Combat Crimes Against Humanity



(*)  COSTCO's SHARE PRICE since Frente Cívico and CCCCH started their joint campaign against the beast on March the 13th 2003


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