Norwatch: Controversial investment by State Pension Fund

Photo: Pia A. Gaarder / Norwatch

The Norwegian State Pension Fund (National Oil Fund) has invested more than NOK 170 million in the company that owns the cargo liner “Full City” which went aground near Langesund last week, according to Norwatch.

The independent humanitarian news agency claims the investments in the company COSCO were doubled, even after Norwegian authorities were warned that the company’s ships failed to observe naval security regulations.

“The Department of Finance will find it difficult to explain this,” says Norwatch editor Pia Gaarder.

According to Gaarder, Norwatch sent a critical report to the Department already last year, after the COSCO had been involved in a controversial arms export deal to Zimbabwe.

However, Undersecretary of State Roger Skjerva says to NRK that the Department does not have information that supports the allegations made by Norwatch.

Norwatch is an independent news service that conducts critical journalistic investigation on Norwegian businesses in developing countries. In addition, Norwatch covers issues concerning Norwegian investment, export and import ethics.

Source: NRK / ABC Nyheter / Norwatch