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Norway’s GPFG Divests from Major Israel Real Estate Development Company

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According to this press release, “The Ministry of Finance has excluded the company Shikun & Binui Ltd. from the investment universe of the Government Pension Fund Global (GPFG).

The decision to exclude the company follows an exclusion recommendation from the Council on Ethics to the GPFG. The company is a construction company involved in the building of settlements in breach of international humanitarian law in East-Jerusalem.

Council emphasizes that the construction of such settlements on occupied territory represents a violation of the Fourth Geneva Convention, the convention for the protection of civilian persons in time of war. The Convention shall protect civilians in situations of war or occupation. The exclusion is based on an evaluation of the future risk that the company will contribute to serious violations of the rights of individuals in war or conflict. The Ministry of Finance has earlier excluded the companies Africa Israel Investments and Danya Cebus on the basis of similar activities on occupied territory. The divestment from the company has been concluded.

The GPFG owned shares worth some NOK 8.5 million in Shikun & Binui Ltd. on 31.12.2011.

The Ministry’s final decision on whether or not to divest from a company is made on the basis of the Council’s recommendation. The Ministry has not made an independent assessment of every aspect of the the Council’s recommendation but is satisfied that the recommendation document establishes with reasonable certainty that an investment in the company represents an unacceptable risk of violating the Ethical Guidelines.”

Read more: Norway Ministry of Finance

SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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