Norwegian fund dumps Chinese-India firm over Myanmar weapons

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OSLO: Norwegian Sovereign Wealth Fund which is the largest fund in the world It has barred two companies from China and India from selling arms to Myanmar. Central Bank of Norway stated

The fund said it had withdrawn from AviChina Industry & Technology and Bharat Electronics due to “unacceptable risks posed by the companies involved.” is selling arms to states that use them in a way that constitutes a serious and systematic violation of international rules of hostile conduct”.

The fund, valued at 13.2 trillion kroner ($1.3 trillion) on Wednesday, held 0.37 percent of Chinese conglomerates and 0.32 percent of Indian firms at the end of 2021, the latest figures available.

It said AviChina handed over the small plane in December 2021 to Myanmar, which has been in turmoil since Aung San Suu Kyi’s civilian government was overthrown in a military coup nearly two years ago.

Meanwhile, Bharat Electronics delivered a remote-controlled weapons station to Myanmar in July 2021.

The decision to separate the two companies was made by the Central Bank of Norway. as recommended by the Ethics Committee

This fund, the Norwegian state’s source of oil revenues, It is one of the largest investors in the world. with stakes in more than 9,000 companies

There are also bond and real estate holdings.

It is subject to regulations that prohibit investing in companies engaged in serious human rights violations. production company “Especially inhumane” or nuclear weapons. as well as coal and tobacco products.

resulting in the previous The company has divested from a number of companies, including Airbus, Boeing, Glencore, Lockheed Martin and Philip Morris.

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