Norway fund divests firms for ‘grossly unethical’ actions

Posted on the 24 August, 2010 at 4:47 pm | Posted in Latest News, Forests, Palm Oil

Norway Government Pension Fund-Global, Oslo, divested from three companies found by the Norwegian Finance Ministry to be “contributing to or are themselves responsible for grossly unethical activity,” Finance Minister Sigbjorn Johnsen said in a news release.

The 2.79 trillion Norwegian kroner ($446.7 billion) sovereign wealth fund, which invests state profits from sales of Norway’s oil reserves, sold its shares in Israeli companies Africa Israel Investments and subsidiary Danya Cebus, and the Malaysian company Samling Global, according to the release.

The ministry’s Council on Ethics recommended the divestment, saying the Israeli companies were involved in building settlements in occupied Palestinian territory and Samling Global, a wood and palm oil company, engaged in illegal logging and other offenses.

The fund owned stocks worth 7.2 million kroner in Africa Israel Investments and 8.1 million kroner in Samling Global as of Dec. 31.