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On June 30, 2020, a Jewish settler walks past Israeli settlement construction works at Givat Zeev and Ramat Givat Zeev in the Israeli-occupied West Bank. REUTERS/File Photo/Ammar Awad (Reuters) – OSLO, July 5 (Reuters) – Because of their ties to Israeli settlements in the West Bank, Norway’s largest pension fund, KLP, announced on Monday that it would no longer invest in 16 businesses, including Alstom (ALSO.PA) and Motorola (MSI.N). Norway, like with a number of other countries, sees the settlements as a violation of international law. According to a United Nations report from 2020, 112 companies with activities in the region, which is home to about 650,000 Israelis, were discovered. The businesses, which include telecommunications, banking, energy, and construction, all benefit Israel’s presence and thus risk becoming involved in violations of international law and KLP’s ethical norms, according to a statement. “There is an unacceptable risk, in KLP’s opinion, that the excluded enterprises are contributing to human rights abuses in times of war and conflict through their ties to Israeli settlements in the occupied West Bank,” KLP said. KLP’s move comes after Norway’s public wealth fund decided in May to reject two companies involved in Palestinian construction and real estate. find out more KLP said it has finished the process of selling shares in the companies valued 275 million Norwegian crowns ($31.81 million) as of June. It had also sold its bond stakes in Motorola and Alstom. Motorola Solutions’ video security and software were used in border monitoring, so selling it was “a very simple option.” Bezeq (BEZQ.TA) and Cellcom Israel (CEL.TA) were taken from the list since the services they provide assist make the settlements more appealing residential locations, according to KLP, while banks such as Leumi (LUMI.TA) helped finance the infrastructure. In a similar spirit, Alstom and local counterparts Ashtrom (ASHG.TA) and Electra (ELTR.TA) were responsible for the infrastructure’s development, while Paz Oil (PZOL.TA) assisted in its powering. Bank Hapoalim (POLI.TA), Israel Discount Bank (DSCT.TA), Mizrahi Tefahot Bank (MZTF.TA), Delek Group (DLEKG.TA), Energix Renewable Energies (ENRG.TA), First International Bank of Israel (FIBI.TA), and Partner Communications were among the companies that were excluded (PTNR.TA). Altice, a telecommunications business that was listed until January 2021, was also left off. $8.6460 Norwegian crowns ($1 = 8.6460 Norwegian crowns) Gwladys Fouche in Oslo and Simon Jessop in London contributed reporting, while Louise Heavens edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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