Corporate profiles compiled by George Draffan

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International forestry consultants.

Huet Holdings signed a contract with Komi Republic of European Russia to buy 49 percent of four Komi logging companies and 39 percent of a fifth; Huet will get a 19,000 square kilometer, 40-year concession. The concession is near the Pechoro (River)-Ilych Biosphere Reserve, one of the few remaining undisturbed boreal forest areas of Europe, and created in 1930. Huet is being aided by Banque Lazard, Eurobank; Jaako Poyry wrote a forestry plan that would reduce buffer protection to the Biosphere Reserve. Most of the timber is to be exported (Taiga News, Jan. 1994, p. 3).



Quebec, Canada

Announced in 1971, to cost $6 billion and produce 125,000 jobs. James Bay Development Corporation was created "to promote the development and exploitation of natural resources." (JBDC became a Hydro-Quebec subsidiary in 1978). Cree people were suing by 1972. Land claims "agreements" with Quebec Cree and Inuit were signed in 1975.

In January 1993 the Crees' Grand Council and Hydro-Quebec signed another agreement regarding the La Grande Complex Phase II (World Rivers Review, Fourth Quarter 1992, p. 3,13). Under the agreement, Hydro-Quebec will pay the Cree $50 million and the Cree will cancel lawsuits they had filed to block construction ("Hydro-Quebec Dams More Rivers and Natives," by Scott Thiele, in Wild Earth, Spring 1993, p. 25-26).

The first phase of La Grande complex was built between 1971 and 1985 for $14 billion; it includes three dams on the La Grande, Eastmain, and Caniapiscau Rivers; 1,500 km of road and five transmission lines; and five reservoirs covering 11,500 sq km of caribou, migratory bird, and marine mammal habitat. It generates 10,000 megawatts of electricity. Four new aluminum smelters and the expansion of two existing smelters have been announced since 1987. A magnesium plant was completed in 1980. Mercury is being released from reservoirs.

Phase II of James Bay would include the Great Whale River Complex and the Nottaway-Broadback-Rupert (NBR) Complex. This would increase electrical generation capacity by 77 percent to 26,000 megawatts by flooding every major Quebec river flowing into the James and Hudson Bays. A good overview is provided by Save James Bay - Stop Hydro-Quebec: Damming the Rivrs of James Bay: Folly of the Century, a tabloid produced by the Northeast Alliance to Protect James Bay, 139 Antrim St., Cambridge MA 02139, 617-491-5531). See also Power From the North, by Robert Bourassa, ex-premier of Quebec (Prentice-Hall, 1985).

The $12 billion Great Whale project, to be completed by 1999, would generate 3,168 megawatts, divert four rivers, and flood 4400 square kilometers at the southern tip of James Bay ("Great Whale Project to Get Review," The Globe and Mail, Jan. 25, 1992).

In March 1992, Governor Mario Cuomo made an announcement that New York would not sign a $17 billion power contract to buy electricity from the project. Articles at the time theorized that the lost revenues might dash Quebec's hopes for independence from Canada (Seattle Post-Intelligencer, Apr. 1, 1992). In March 1994, the New York Power Authority cancelled a pending contract with Hydro-Quebec for purchasing 800 megawatts over 20 years; the announcement significantly affects the 3.1 million kilowatt Great Whale project (Audubon Activist, Apr. 1994, p. 3).

Vermont is also involved in purchasing James Bay electricity; Massachusetts is considering (Cree Glen Cooper, at E-LAW Conference, Eugene OR, March 1993).

As much as 30 percent of Hydro-Quebec's C$32 billion in market bonds may be held by Americans. Dartmouth College divested its $6.8 million worth in December 1992; the Tufts University student senate has urged its school to also divest, on the grounds that it should not invest in a corporation causing so much environmental damage (World Rivers Review, Fourth Quarter 1992, p. 3,13, citing the Montreal Gazette).

The James Bay issue has become a widely discussed issue; for instance, see Jon Bowermaster's "Sacrificial People-Will Quebec's Indians be Driven from Their Land?" in the Conde Nast Traveler, May 1993, p. 94-99,169-176.



120 Tredegar St.

Richmond VA 23219


James River has 212 pulp and paper facilities in 11 countries, including the U.S., Canada, Mexico, Scotland, France, Italy, Finland, and Turkey (Hoover's Handbook of American Business 1992).

Manufactures toilet paper in Mexico (1990).


JANT (Japan and New Guinea Timber) see Honshu Paper





Tokyo Japan

Oil exploration and developmetn in United Arab Emirates (Whole World Oil Directory 1991, p. 145).



Jardine House, 33-35 Reid St., Hamilton, Bermuda

Jardine Matheson Ltd., 48th Floor, Jardine House, GPO Box 70, Hong Kong

telephone 852-843-8388 fax 852-845-9005

Theo. H. Davies & Co., Davies Pacific Center, 841 Bishop St., Suite 2300, Honolulu HI 96802

telephone 808-531-8531 fax 808-521-7352

Trading company founded in 1832 in Canton, China; Jardine's opium smuggling helped Britain start the Opium Wars, which China lost, opening Chinese ports to foreign trade and losing Hong Kong to Britain. Jardine Matheson became the largest trader in Hong Kong, and still derives two-thirds of its income from Hong Kong and China. The company went public in 1961, but is still controlled by the Keswick family, descendants of William Jardine. Subsidiaries and affiliates include Jardine Fleming (banking), Jardine Pacific (shipping, construction, restaurants, and trading), and Jardine Strategic (holding company for Dairy Farm stores and restaurants, Hong Kong Land (HKL) real estate, and Mandarin Oriental hotels (The Global Marketplace, 1987, p. 307-319, and 508; and Hoover's Handbook of World Business 1993, p. 288-289).

The mining giant RTZ was founded with Jardine Matheson's opium profits.

Has a representative office in Vietnam (Multinational Business, No. 5, Spring 1992, p. 25).



JCO COMPANY see Sumitomo





Acquired Saint-Gobain (199?) and Stone Container (1998).

Has a Colombian eucalyptus plantation.

Smurfit's Venezuela timber operation is covered by



New Ohtemachi Building, 2-1, Ohtemachi 2-chome, Chiyoda-ku Tokyo 100, Japan

telephone (03) 3279-5441

Industrial construction company; petroleum plants acctd for 49 percent of 1991 sales; chemical plants, 21 percent; gas processing plants, 18 percent and other, 12 percent. Almost two-thirds of 1992 sales were outside Japan (Worldscope database record).

With Foster-Wheeler and Mitsui, JGC plans to construct an oil refinery in Balongan, western Java, Indonesia (Oil & Gas Journal, Oct. 23, 1989, p. 38).


JODCO see Japan Oil Development Company



60 Wall Street, New York NY 10260
telephone 212-483-2323

The "House of Morgan" long consisted of the Morgan Grenfell merchant bank of London, Morgan et Compagnie of Paris, and Drexel & Company in Philadelphia; it spun off Morgan Stanley, J.P. Morgan and Company, Morgan Guaranty Trust, and other corporations, and financed many others, including U.S. Steel, General Electric, General Motors, Du Pont, and AT&T. See Ron Chernow's The House of Morgan: an American Banking Dynasty and the Rise of Modern Finance (Atlantic Monthly Press, 1990).

See also Endgame entry for Corsair Partnership.

Global Finance Campaign Targets JP Morgan Chase. Rainforest Action Network news release, Nov 16, 2004.
"Rainforest Action Network today announced an advertising campaign and web site targeting JP Morgan Chase, the largest U.S.-based bank still operating without a comprehensive environmental policy. The outdoor ads, which were introduced in Chicago, New York and Washington, D.C. over the weekend, are a first response to JP Morgan Chase backtracking on its commitment to provide a policy to the environmental community..."

Facts cited at
* In 2002, JPMorgan Chase was the largest financier of US oil and gas companies, arranging loans worth more than $18 billion, representing 33% of the market [Oil and Gas Investor, Capital Formation 2003, June 2003, p.20].
* JPMorgan Chase has financed some of the world’s most destructive logging companies, including arranging billions of dollars in loans to Weyerhaeuser [Bank Loan Report, New York, March 4, 2002. p.1], the most destructive logging company in North America, as well as billions more to International Paper [JPMorgan Chase 2002 Annual Report], MeadWestvaco [MeadWestvaco, 2001 Form 10K], and Georgia-Pacific [Bank Loan Report, New York, Apr 16, 2001 p.1].
* Lee Raymond, chairman and CEO of ExxonMobil and longtime global warming naysayer, is a prominent member of JPMorgan Chase’s board of directors.
* In August of 2003, the U.S. government tapped JP Morgan Chase to restructure Iraq’s economy according to neoliberal, free-trade principles, and to run the Trade Bank of Iraq. "The bank is expected to smooth trade flows, boosting imports such as heavy construction equipment and also freeing up exports, particularly of oil" [Agence France Presse, Aug 30, 2003].
* JPMorgan Chase has financed the OCP oil pipeline [Rainforest Web] in Ecuador, which transports heavy crude oil from Ecuador’s eastern rainforest region to the Pacific coast, damaging fragile ecosystems and communities along its entire route [Oil consortium includes Alberta Energy, Kerr McGee, Occidental Petroleum, AGIP, Perez Companc, Repsol-YPF and Techint. – Ecuador: New Oil Pipeline Threatens Fragile Ecosystems and Communities from Amazon Rainforest to Pacific Coast].
* JPMorgan Chase underwrote loans for China’s Three Gorges Dam project [Global Ethics Monitor], which is responsible for the flooding of more than 24,000 hectares of farmland, destructive of sensitive ecosystems and the displacement of more than 1 million people. [Bloomberg, Oct 28, 2003].

JPMorgan Chase and Mining: Gold, Greed, and Glaring Human Rights Abuses (

JPMorgan Chase and Hedge Funds: A Shady Proposition (

JPMorgan Chase: Funding Big Oil’s Takeover of Native American Lands (


J.P. Morgan and Fuji have long financed Freeport McMoRan's gold, copper and silver mining in Indonesia.
See past issues of Engineering & Mining Journal, for example June 1991 and March 1992.
Risky Business: The Grasberg Gold Mine, an Independent Annual Report on PT Freeport Indonesia (Project Underground, 1998).
No Dirty Gold Campaign. The Case against Freeport (Mines and Communities).
See also Endgame entry for Freeport McMoRan.


Rebuilding Iraq’s banking system (The Banker, Oct 6, 2003, p. 134):
"A consortium of 13 international banks, led by the US’s JP Morgan Chase & Company, has won the mandate to run the recently formed Trade Bank of Iraq (TBI). The Coalition Provisional Authority (CPA) in Iraq established the Trade Bank on 17 July to support Iraqi reconstruction through trade finance services and JP Morgan beat off stiff competition from at least four consortiums each led by major US banks, Bank of America, Bank One, Citibank and Wachovia.
"Getting the Trade Bank operational represents one of a number of financial developments taking place to provide the infrastructure for Iraq’s reconstruction effort. In late August, the US Export-Import Bank voted to notify Congress of a proposed $500m facility that would provide the US banks short-term export insurance to cover transactions with the new Trade Bank.
"The Trade Bank will be 100% Iraqi-owned but the management contract will be with JP Morgan for the first 12 months. All trade documentation, covering all exports and imports to and from Iraq, including oil, will go through the TBI. While revenues, according to bankers, will not go through the bank, it will handle all letters of credit and trade data. Estimates of trade volumes vary widely but bankers indicate that numbers will start off quite small but could in time ramp up to $1bn a month.
"The consortium consists of 13 banks from 13 countries representing all the world’s major trading blocs. JP Morgan is clearly the lead bank in the exercise but three banks, Australia’s ANZ Banking Group, National Bank of Kuwait (NBK) and the UK’s Standard Chartered are expected to play leading roles.
"While it is the intention that TBI will be an Iraqi bank run by Iraqis, the initial stages will look a little different. A temporary office is to be established in Kuwait until it becomes stable enough to shift it to Iraq. The operating platform will be run by JP Morgan with the help of NBK. The Kuwait bank, one of the strongest banks in the region, believes it is well placed to play an important role in Iraq’s reconstruction, as does Standard Chartered which has an extensive network in the Gulf as well as in Asia and Africa.
Trade Bank of Iraq Consortium: JP Morgan Chase & Company, ANZ Banking Group, National Bank of Kuwait, Standard Chartered, Akbank, Banco Comercial Portugues, Bank Millenium, Bank of Tokyo Mitsubishi, Caja de Ahorras y pensiones de Barcelona, Credit Lyonnais, Gruppo San Paolo IMI, Standard Bank, Royal Bank of Canada.

JPMorgan Chase: Financing the Corporate Takeover of Iraq (