MAKING money from arms dealers and tobacco firms is perfectly acceptable, according to the man in charge of investments in Southend.

The Local Democracy Reporting Service recently revealed Essex Pension Fund, one of the largest local government pension schemes in the UK, had millions of pounds invested in companies that have been tied to “unethical” practices.

One of these companies had announced the sale of military equipment to Myanmar’s government just days after the United Nations had accused the country of the “gravest” crimes against civilians under international law.

Another investment was in a tobacco firm which is under investigation by the UK’s Serious Fraud Office over allegations it paid bribes in East Africa.

At a council meeting held on Thursday night Tory Councillor Andrew Moring, who is the council's representative for the pension fund, was asked by Labour councillor Matt Dent if he agrees with the investments.

Mr Moring said that if the councillor is asking whether the pension fund should invest in arms companies that sell military equipment to “protect us” then the answer is yes.

He added that it is also not illegal to invest in a tobacco company.

“I do agree we should invest in them if that’s the best return we can get for our money as the idea is to make sure our pensioners are well off in their old age,” he added.

The comments come despite the investments being criticised by the human rights group Amnesty International, which has said the fund needs to “get up to speed” and question whether the investments are sustainable in the long-term.

The charity ShareAction has also questioned whether these investments bring good returns by pointing out that the fund is investing in a tobacco firm that lost half its value in 2018.

The investment strategy was initially brought to the attention of the Echo by Southend campaigner Colin Nickless.