[ad_1]
Swedish banks and AP funds have multi-million dollar investments in companies that have been criticized by the UN for their close ties to the Myanmar regime.
Swedish banks and AP funds have millions of investments in companies that, according to the UN, contribute directly to the military in Myanmar being able to finance their abuses against the population. Stock Photography.
Nordea has invested a total of SEK 269 million in three investigated companies, one of which supplies weapons to the Myanmar military. In that company, Nordea has invested 71 million through savings banks.
The Seventh AP Fund, which manages the premium pension for more than five million Swedes, has 73 million invested in one of the companies, Adani Ports. The Indian company operates a port in Myanmar and has a lease with a company owned by the military.
– It is surprising that Swedish investors have not acted when the UN for several years has singled out and condemned the cooperation of companies with the army, says Jakob König, project director of the Fair Finance guide to DN.
Nordea claims that the bank read the UN report and contacted interested companies. According to the bank, one of them has been quarantined until further notice.
“With respect to Adani Ports, we will sell the entire stake and we have already sold just over 80 percent,” Eric Pedersen, Nordea’s Director of Responsible Investment, writes in an email.
“Unfortunately, it is common to act only when someone criticizes companies instead of checking for themselves that companies comply with basic human rights requirements,” says König.
