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Tuesday, October 15, 2013

Norway fund blacklists Malaysia' WTK, Tan Ann and 3 others


PETALING JAYA: Norway has excluded five companies from the investments of the nation’s sovereign wealth fund, the world’s largest, for taking part in activities that damage the environment or for being linked to child labour, Bloombergreported.

Local timber firms WTK Holdings Bhd and Ta Ann Holdings Bhd were excluded alongside China’s Zijin Mining Group and Peru’s Volcan Cia Minera SAA.

This was done on the basis that their activities risk causing severe damage to the environment, Bloomberg said citing a statement by the Oslo-based ministry.

India’s Zuari Agro Chemicals Ltd was also excluded “based on an assessment of the risk of contributing to the worst forms of child labour,” it said.

As at press time, WTK did not respond to e-mail queries by StarBiz on this matter while Ta Ann said its chief executive officer was travelling and that it shall try its best to respond “soonest”.

Bloomberg said the world’s largest wealth fund takes into account ethical rules encompassing human rights, some weapons production, the environment and tobacco when deciding on its investments.

It has excluded including Wal-Mart Stores Inc and British American Tobacco Plcfollowing recommendations from the ministry’s Ethics Council.

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