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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments

Norwegian pension fund dumps Petrobras over corruption

Posted on 24 June 2016

Norway’s largest pension fund has blacklisted Petrobras over concerns that the state-controlled oil company at the centre of a Brazilian bribery scandal is prone to further corruption problems beyond its home market.
KLP, which oversees NKr553bn ($67bn) of assets, said it would no longer invest in Petrobras due to the “unacceptable risk” of future problems at the company. KLP is the first large investor to publicly blacklist Petrobras since a vast bribery scandal emerged at the company in 2014, costing it at least R$6.2bn ($1.7bn) in corruption-related losses………………………………………..Full Article: Source


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