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Norway's wealth fund places 2 South Korean firms on observation
June 29, 2017 / 8:04 AM / 5 months ago

Norway's wealth fund places 2 South Korean firms on observation

OSLO, June 29 (Reuters) - Norway’s $965 billion sovereign wealth fund has placed its stakes in South Korea’s Hansae Co Ltd and Hansae Yes24 Holdings Co Ltd under observation due to potential ethics violations, the fund said on Thursday.

“The companies are placed under observation because of an unacceptable risk that the companies contribute to, or are responsible for, systematic violations of human rights,” the fund wrote in a statement.

Under its operating guidelines, the Norwegian fund may eventually exclude companies from its portfolio unless it is satisfied that a range of ethical guidelines are met. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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