Norway’s wealth fund confirms divestment from Israeli jet engine group
The CEO of Norway’s sovereign wealth fund, Nicolai Tangen, says the fund has sold its shares in Israel’s Bet Shemesh Engines Holdings, which makes engine parts for Israeli fighter jets deployed in the war on Gaza.
Tangen made the comments at a news conference a day after the fund announced it was divesting from 11 of the 61 Israeli companies it holds stakes in.
The fund didn’t initially confirm which companies it was divesting from, but its holdings in Bet Shemesh had come under recent scrutiny after they were revealed by Norwegian newspaper Aftenposten.
Deputy CEO Trond Grande also told reporters that the fund is planning to divest from more Israeli companies as part of an ongoing review due to the situation in Gaza and the occupied West Bank.
Norway’s biggest pension fund excludes Israeli drone supplier
Norway’s largest pension fund, KLP, says it is excluding Israeli technology firm NextVision from its investments because it supplies the Israeli military with components for drones deployed in Gaza. The company reported $115m in revenue in 2024.
“The exclusion was prompted by an unacceptable risk that the company is contributing to, or is itself responsible for, serious violations of the rights of individuals in situations of war or conflict,” said KLP in a release.
The Nordic pension fund has previously dropped numerous firms for their links to Israel’s war on Gaza or occupation of the West Bank. Last year, it said it would stop investing in US bulldozer-maker Caterpillar Inc due to the risk that equipment it sells to Israel would be used to demolish Palestinian homes. Back in 2021, the fund severed ties with 16 other firms due to their links to illegal Israeli settlements in the occupied West Bank.
