A company excluded from the Petroleum Fund – three others under observation – E24

The Chinese company Li Ning Co. Ltd is excluded from the Petroleum Fund due to the risk of human rights violations.

Oil fund manager Nicolai Tangen.
Published: Published:

The sports equipment and apparel maker was founded by former Olympic gymnast Li Ning.

Norges Bank’s board has now decided to debar the company ‘due to the unacceptable risk that the company could contribute to serious human rights abuses’, the statement said. a message from the central bank monday evening.

At the same time, the Management Board is placing three companies under observation following the recommendations of the Ethics Council: Indian Adani Ports & Special Economic Zone Ltd, South Korean Hyundai Glovis Co Ltd and Canadian Bombardier Inc.

At the same time, the management board decided to end the observation of the companies Hansae Yes24 Holdings Co Ltd, Hansae Co Ltd and Nien Hsing Textile Co Ltd, the investigations of the Ethics Council having shown that there is no more basis to this .

Finally, the exclusion of the company San Leon Energy Plc is lifted, which has been excluded since 2016 due to the unacceptable risk that the company contributes to gross violations of fundamental ethical standards by carrying out oil exploration in Western Sahara.

The activity on which the exclusion was based having ceased, there is no longer any reason to exclude the company.

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