Security Pacific to Drop South African ADRs:...

Security Pacific to Drop South African ADRs: The Los Angeles-based banking firm, responding to a labor union’s allegations that it is supporting apartheid, said it plans to withdraw from issuing American Depositary Receipts involving South African securities. The Amalgamated Clothing and Textile Workers Union had issued a statement contending that Security Pacific had been marketing stock in South African companies through the depositary receipts as a way of circumventing sanctions on new investments in South African companies.