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Norway's sovereign fund divests from Elbit for "contributing to violations of humanitarian law" by supplying equipment for West Bank separation barrier

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Article
3 September 2009

Norway fund sells Israeli shares on ethical grounds

Author: Aasa Christine Stoltz & Wojciech Moskwa, Reuters

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.

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Article
15 May 2008

[PDF] Recommendation to the Ministry of Finance [Norway] [regarding Elbit Systems Ltd]

Author: Council on Ethics, Norwegian Government Pension Fund - Global

The Council on Ethics recommends that the Israeli company Elbit Systems Ltd (“Elbit”) be excluded from the Government Pension Fund – Global. Elbit supplies a surveillance system that is part of the separation barrier being built by the Israeli government in the West Bank. The construction of parts of the barrier may be considered to constitute violations of international law, and Elbit, through its supply contract, is thus helping to sustain these violations.

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