Saturday 17 October 2009

Boycotting Israel: what about Sahara and the Norwegian Oil-fund ?

"Israel is perhaps the only country on earth with which Norway has strained relations, and ask ourselves "how has it come to this?""

Norway, Israel and the Jews (Anti-Semitism and the anti-Israel lobby in Norway)

The Norwegian Oil-fund is invested in holdings throughout the world. For ethical reasons it has divested from Wal-Mart (USA) and Elbit (Israel), which makes many Norwegians recall how Finance Minister Kristin Halvorsen [photo] on January 8th of this year marched under a banner saying "USA and Israel axis of evil". It is also worthwhile recalling how LO (TUC) leader Roar Flåthen singled out one country – Israel – for criticism in his May 1st speech this year.

On a very basic level the question is whether it makes sense for the Norwegian Oil-fund to divest from precisely Wal-Mart and Elbit, while continuing to invest in companies which are guilty of far graver sins. On another level we might observe that Israel is perhaps the only country on earth with which Norway has strained relations, and ask ourselves "how has it come to this?"

Norwatch reports on how Norway allegedly has become "Rich on plunder". Excerpt below:

By Erik Hagen
Norwatch, published in English 6 October 2009

Norwatch has revealed that the Norwegian Government’s Pension Fund has invested massively in the plunder of valuable natural resources in occupied Western Sahara. Calculations made by Norwatch show that eight international fertiliser companies in which the Pension Fund is part owner import a total of two-thirds of all the phosphate that Moroccan authorities export from the occupied areas through their wholly owned state phosphate company.

The value of the phosphate rock that these companies buy must, according to Norwatch’s estimate, have reached at least 535 million euros last year. This income goes, more or less directly, to the Moroccan state.

While the Pension Fund is investing billions in phosphate companies, other investors in Scandinavia have divested themselves of companies that buy phosphate originating in Western Sahara.

If Norway cannot ethically invest in Elbit, then where can we invest ?

- Norway gets on fine with Saudi Arabia and China ...
Norway: divest in Israel, invest in Turkmenistan

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