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3 Sep 2009

Aasa Christine Stoltz & Wojciech Moskwa, Reuters

Norway fund sells Israeli shares on ethical grounds

Norway's sovereign wealth fund has sold its stake in Israeli company Elbit Systems because it supplied surveillance equipment for the separation barrier in the West Bank. The $400 billion-plus…fund…has in the past ruled out investing in some two dozen firms that produce nuclear arms or cluster munitions, damage the environment or abuse human rights or workers' rights…"We do not wish to fund companies that so directly contribute to violations of international humanitarian law," Finance Minister Kristin Halvorsen said…Elbit officials were not immediately available for comment. “…Elbit is clearly aware of exactly where and how the [surveillance] system is intended to be used," [Halvorsen] said.