A Norwegian sovereign wealth fund (the world’s largest) has made a sale from two companies over arms sales to Myanmar.
Norges Bank Investment Management said the sale from AviChina Industry & Technology and Bharat Electronics was made possible by these companies selling weapons “in a manner of serious and grave significance” to countries that use them. unacceptable risk,” he said. systematic violations of international humanitarian law“.
The fund, valued at 13.2 trillion kroner ($1.3 trillion) on Wednesday, owned 0.37% of the Chinese group and 0.32% of the Indian company at the end of 2021, according to the latest figures available. The decision to exclude the two companies was made by an ethics committee, the fund said. statement Released on Tuesday.
AviChina delivered a light aircraft to Myanmar in December 2021 and Bharat Electronics delivered a remotely operated weapons station to Myanmar in July 2021, the fund said.
“According to several international organizations, before and after the 2021 coup, the military has committed very serious abuses against civilians, using fighter jets among others,” the fund said of its withdrawal from AviChina. I mentioned why.
“The council has weighed in on the fact that the company delivered the aircraft to Myanmar despite information about military coups and military abuses. The company has not responded to the council’s questions,” the fund added. .
According to the fund, Bharat Electronics’ system was “developed for the remote control of weapons from within armored vehicles.”
“Such vehicles are reportedly being used in attacks on civilians in Myanmar,” the fund said. “The attacks are numerous and, in the view of the Security Council, constitute grave and systematic violations of international law.”
Home to Norwegian oil revenues, the fund is one of the world’s largest investors, with stakes in over 9,000 companies. It also holds bonds and real estate. The fund, which is governed by rules prohibiting investments in companies involved in gross human rights abuses, has sold from a number of companies, including Airbus, Boeing, Glencore, Lockheed Martin and US tobacco giant Philip Morris. I was.
Three former UN experts said last week that companies in 13 countries including France, Germany, China, India, Russia, Singapore and the United States Provision of “important” supplies For the production of weapons in Myanmar.
The Special Advisory Committee on Myanmar (SAC-M) said in a report: Take power by coup In February 2021, the Myanmar military became almost self-sufficient in manufacturing various weapons.
The Advisory Panel called on countries to investigate and initiate administrative or legal proceedings against companies whose products have been identified as enabling the regime to produce weapons. attack civilians.