Norway’s Sovereign Wealth Fund Faces Scrutiny
(MENAFN) Norway’s parliament on Tuesday awaited explanations from the finance minister concerning the sovereign wealth fund’s stake in Danish shipping giant Maersk, following reports of shipments destined for Israel, a Norwegian broadcaster revealed.
Red Party legislator Bjornar Moxnes stated, “It turns out we have invested in a company that ships components to the same fighter jets that are bombing civilians in Gaza. There is only one thing to do, and it should be simple.”
The Government Pension Fund Global’s investments in Israeli companies have come under intense examination after it was disclosed that the fund may have benefited financially from Bet Shemesh Engines, a firm that repairs engines used in Israeli fighter aircraft.
Maersk’s involvement in the conflict in Gaza has recently sparked demonstrations, as activists claim that the shipping company’s container vessels transport military supplies and parts for Israel’s F-36 fighter jets.
According to its ethical principles, the fund – among the largest globally – is prohibited from investing in firms where there is a significant risk that they support states in breaching international law, as reported by the broadcaster.
Moxnes remarked, “When we have shares in a company that ships components for Israel’s war machine, that is almost the definition of contributing to Israeli breaches of international law.”
The fund conveyed to the broadcaster that it anticipates Maersk to implement appropriate measures aimed at minimizing the risk of involvement in violations of human rights and international legal standards.
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