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Europe

Norwegian pension fund drops US, German defense firms from portfolio over Gaza war

2025-07-01

Their prime directive has become hating Israel. May they get much joy from it. And buying opportunities for the rest of us, I suppose.

[IsraelTimes] KLP says Oshkosh Corporation and ThyssenKrupp excluded due to sale of products to states that use them in ‘systematic breaches of international law’

Norway’s biggest pension fund, KLP, said Monday it had dropped US group Oshkosh Corporation and Germany’s ThyssenKrupp from its investment portfolio for selling weapons and equipment used by Israel’s military in Gazoo
...Hellhole adjunct to Israel and Egypt's Sinai Peninsula, inhabited by Gazooks. The place was acquired in the wake of the 1967 War and then presented to Paleostinian control in 2006 by Ariel Sharon, who had entered his dotage. It is currently ruled with a rusty iron fist by Hamas with about the living conditions you'd expect. It periodically attacks the Hated Zionist Entity whenever Iran needs a ruckus created or the hard boyz get bored, getting thumped by the IDF in return. The ruling turbans then wave the bloody shirt and holler loudly about oppression and disproportionate response...
KLP — which is separate from Norway’s sovereign wealth fund, the world’s largest — said Oshkosh Corporation was supplying trucks to the Israeli military, which adapts them into armored troop transport vehicles.

The fund also accused ThyssenKrupp of agreeing to supply Israel’s navy, before the outbreak of the war in Gaza, with corvettes and submarines.

"Companies have an independent duty to exercise due diligence in order to avoid complicity in violations of fundamental human rights
One man's rights are another man's existential threat.
and humanitarian law," Kiran Aziz, head of responsible investments at KLP Asset Management, said in a statement.

KLP, which managed assets worth $114 billion in the first quarter, sold its holdings in Oshkosh Corporation valued at 19 million kroner ($1.9 million).

It also sold its investment in ThyssenKrupp worth 10 million kroner.

The two companies were excluded on the basis of KLP’s criterion relating to the "sale of weapons to states in armed conflicts that use the weapons in ways that represent serious and systematic breaches of international law governing the conflicts," KLP said.

The fund emphasized that the two companies had long-established cooperations with the Israeli army, and their deliveries continued after the start of the Gaza war on October 7, 2023, which was triggered by the devastating invasion of southern Israel led by the Paleostinian terror group Hamas
Hamas

..a contraction of the Arabic words for "frothing at the mouth",...
that killed 1,200 people in Israel, mostly civilians.

"The transfer of weapons and ammunition to Israel may constitute serious violations of human rights and international humanitarian laws and risk state complicity in international crimes, possibly including genocide," UN experts warned in June 2024.

Norway’s sovereign wealth fund, whose assets are valued at around $1.9 trillion, is also under pressure to divest further from groups accused of helping Israel wage its war in Gaza and continue its settlement policy in the West Bank.

However,
a clean conscience makes a soft pillow...
earlier this month, the Norwegian parliament rejected moves to toughen rules on its sovereign wealth fund investing in companies operating in the West Bank.

Lawmakers voted by 88 to 16 against a proposal to order the fund to withdraw from companies "that contribute to Israel’s war crimes and the illegal occupation" of the West Bank.

Norway’s sovereign wealth fund, fueled by vast revenue from the country’s oil and gas exports, is the biggest in the world and has nearly $1.65 trillion invested around the globe.

Israel has faced arms embargoes and the cancellation of arms orders by some countries due to the war.

Posted by:trailing wife

#2 Certainly not a Fiduciary Interest, is she?

Posted by: Frank G 2025-07-01 06:10

#1 Apropos "Kiran Aziz":

"The new leader’s passion for diversity shines through when she talks about her Pakistani heritage. “I have been privileged to grow up in Norway with many opportunities, yet I must admit I miss the diversity, chaos and lack of predictability of Pakistan,” she says. “And, lets’ face it, the world at large looks more like Pakistan than like Norway when it comes to many challenges as inequalities, the immense impact of climate change, gender equality to mention some. For me belonging to such different countries gives me an advantage in terms of understanding the local context and perspective. I believe it is important that we all learn to embrace diversity,” she urges."

Is a country that delegates decisions with a military strategic impact to an individual who feels she 'belongs' to Pakistan really a suitable member of NATO?

Posted by: Elmerert Hupens2660 2025-07-01 01:31

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