Norway oil fund drops 2 Israeli companies

Sovereign wealth fund of $440 billion excludes Danya Cebus Ltd., Africa Israel Investments Ltd. over West Bank construction

Associated Press |Published: 08.24.10 , 07:31

Norway's Finance Ministry said the country's oil fund has divested from two Israeli companies involved in building settlements in the West Bank.

The ministry said Monday that the 2.8 trillion kroner ($440 billion) sovereign wealth fund has excluded from its portfolio construction company Danya Cebus Ltd. and its majority owner, Africa Israel Investments Ltd.

Danya Cebus has built Israeli homes in the West Bank.

The ethical council that monitors the fund's investments warned that the fund risked "contributing to serious violations of individual rights in situations of war and conflict" by investing in the Israeli companies.

The fund also excluded Malaysian forestry company Samling Global Ltd. for contributing to illegal logging.