Norway: KLP fund sells companies linked to Israeli settlements | News and Economy

The transfer comes after the publication by the UN in February 2020 of a list of 112 companies with activities related to Israeli settlements.

Norway’s largest pension fund has announced the divestment of assets in 16 companies for its links with Israeli settlements in the occupied West Bank, including telecommunications equipment giant Motorola.

“In KLP’s assessment, there is an unacceptable risk that excluded companies contribute to human rights abuses in war and conflict situations through their links with Israeli settlements in the occupied West Bank,” KLP, which handles $ 95 billion in assets, he said in a statement Monday.

The companies, which rely on telecommunications, banking, energy and construction, all help to facilitate Israel’s presence and thus risk being complicit in violations of international law, and against ethical guidelines. of KLP, he said.

Motorola Solutions ’resignation is“ a very direct decision on its oversight role in the occupied territories, ”KLP said.

“Motorola and other companies risk being complicit in violations of international law in occupied Palestine,” KLP adds, arguing that the company provides software used in border surveillance.

The transfer follows the publication of the UN in February 2020 list of 112 companies with activities related to Israeli settlements, considered illegal under international law.

The Israeli government has denounced the publication of the list – which included companies such as Airbnb, Expedia and Tripadvisor – as a “despicable effort.”

KLP has also fired telecommunications operators offering services in the occupied West Bank since they have contributed to making “establishments attractive residential areas”.

These include Altice Europe, Bezeq, Cellcom Israel and Partner Communications.

Also included are five banks that have facilitated or financed the construction of houses and infrastructure in the occupied territories, as well as engineering and construction groups, including the French multinational Alstom.

Ashtrom and Electra were responsible for building the infrastructure, while Paz Oil helped feed them.

Last May, another Norwegian fund, the Sovereign Wealth Fund – the largest in the world – was launched. has excluded several companies related to construction and real estate because of its connections with Israeli settlements.

In late June, KLP announced the divestment of the Indian port and logistics group Adani Ports because of its links with the Myanmar military government.

The occupation of the Palestinian territories is considered illegal by the UN.

More than 600,000 Israeli settlers live in the occupied territories of the West Bank and East Jerusalem.

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