Norwegian oil fund blacklists China's ZTE Corporation

 
Norway’s sovereign wealth fund has divested one of the world’s largest telecommunications companies over allegations of corruption and bribery.
The NOK7.1trn (€742bn) Government Pension Fund Global’s Council on Ethics last year investigated ZTE Corporation, listed on the Shenzhen and Hong Kong stock exchanges, over concerns it was responsible for gross corruption, as defined by the fund’s own exclusion guidelines.
In a statement, the fund’s manager, Norges Bank Investment Management, said its executive committee felt it was inappropriate to exercise its ownership rights to bring about change and instead opted to divest its stake worth NOK85m, accounting for just 0.15% in voting rights.
The Council’s report from June last year noted the company had been sent a draft version of its report but had not commented in the findings, which listed allegations of corruption in 18 countries.

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