The largest sovereign wealth fund in the world, Norway’s, has barred two businesses from doing business in China and India for providing Myanmar’s military government with light combat aircraft and a weapon system.
Due to the “unacceptable risk” that the companies posed by selling weapons to a state that uses them “in ways that constitute serious and systematic violations of international humanitarian law,” Norges Bank Investment Management said it had sold its holdings in AviChina Industry & Technology and Bharat Electronics.
According to the most recent data available, the fund owned 0.37 percent of the Chinese group and 0.32 percent of the Indian company at the end of 2021, valued at 13.2 trillion kroner ($1.3 trillion) on Wednesday. According to a statement made public by the fund on Tuesday, an ethics board made the decision to exclude the two companies.
According to the fund, Bharat Electronics and AviChina both shipped light planes and a remote-controlled weapons station to Myanmar in 2021.
“Both before and after the coup in 2021, the armed forces have perpetrated extremely serious abuses against the civilian population, with, among other things, combat aircrafts, according to several international institutions,” the fund said of the reason for divesting from AviChina.
“The Council has attached importance to the fact that the company delivered aircrafts to Myanmar despite the military coup and the information concerning the military’s abuses. The company has not responded to the Council’s queries,” the fund added.