Defensemirror.com
Norges
Bank Excludes China's ACIT, India's BEL from Pension Fund for Myanmar Ties
- Defensemirror.com Bureau
- 06:44 AM, January 30, 2023
K-8 Combat Trainer of
ACIT
Norway's Norges Bank, a part of
Norwegian Soverign Wealth Fund has excluded AviChina Industry & Technology
Co Ltd (ACIT) and Bharat Electronics Ltd from its global pension fund for
supplying military equipment to the Myanmar Junta.
Norges Bank’s
Executive Board took
the decision due to “unacceptable risk that the companies are selling weapons
to a state that uses these weapons in ways that constitute serious and
systematic breaches of the international rules on the conduct of hostilities”,
a Bank statement said January 27.
The background for the decision is sales
of light airplanes and other military material respectively to the military in
Myanmar. The decision is based on recommendations from the Council on Ethics of
23 August 2022.
Meanwhile,
Myanmar opposition publication, Irrawady.com reported that AviChina, delivered
several K-8 light combat aircraft to the Myanmar military in December 2021.
Bharat Electronics, an Indian producer of aviation and defense electronics,
delivered a remote-controlled weapons station to the Myanmar military in July
2021, it said.
Bharat Electronics'
product range @BEL
The fund, valued at 13.2 trillion kroner
($1.3 trillion) on Wednesday, owned 0.37% of the Chinese group and 0.32% of the
Indian company at the end of 2021.
However, the Executive Board observed
that it has not conducted an independent assessment of all aspects of the
recommendations but is satisfied that the observation and exclusion criteria
have been fulfilled.
Before
deciding to exclude a company, Norges Bank shall consider whether the use of
other measures, including the exercise of ownership rights, may be better
suited. The Executive Board concludes that it is not appropriate to use other
measures in these cases.
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