September 29, 2022

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One company excluded from the Petroleum Fund - three other companies under observation - E24

One company excluded from the Petroleum Fund – three other companies under observation – E24

Li Ning China Limited Company is excluded from the Petroleum Fund due to the risk of human rights violations.

Director of the Oil Fund Nikolai Tangin.

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

Norges Bank’s executive board has now decided to disqualify the company “due to the unacceptable risk that the company is contributing to serious human rights abuses,” as stated in the A message from the Central Bank on Monday evening.

At the same time, the Executive Board is placing three companies on scrutiny in accordance with the recommendations of the Ethics Board: Indian Adani Ports & Special Economic Zone Ltd, South Korea’s Hyundai Glovis Co Ltd, and Canadian Bombardier Inc.

At the same time, the Executive Board decided to end the supervision of the companies Hansae Yes24 Holdings Co Ltd, Hansae Co Ltd and Nien Hsing Textile Co Ltd as the Ethics Board Investigation Board showed that there was no longer any basis for it.

Finally, the disqualification of San Leon Energy Plc, which has been disqualified since 2016 due to the unacceptable risk that the company has contributed to serious violations of core ethical standards by conducting oil exploration in Western Sahara, has been lifted.

Since the business on which the exclusion was based has ceased, there is no longer any basis for the exclusion of the business.

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