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Excluded are Africa Israel Investments and its engineering subsidiary Danya Cebus. Both are controlled by Lev Leviev, billionaire Israeli businessman, involved among other interests in constructing Israeli settlements.
Norway's central bank-managed fund follows ethical guidelines, excluding investments in companies producing nuclear weapons, cluster munitions, environmentally harmful products, building illegal settlements, or abusing their workers.
The fund specifically said Leviev's Danya Cebus subsidiary engages in settlement construction in East Jerusalem's Har Homa neighborhood, as well as West Bank Ma'ale Adumim and Modi'in Illit settlements.
The fund said its "Council of Ethics emphasizes that construction of settlements in occupied areas is a violation of the Geneva Convention relative to the Protection of Civilian Persons in Time of War."
Finance Minister Sigbjoern Johnsen added:
"Several United Nations Security Council resolutions and an International Court of Justice advisory opinion have concluded that the construction of Israeli settlements in occupied Palestinian territory is prohibited under this Convention."
Africa Israel replied, saying neither it or its subsidiaries engaged in West Bank settlement construction for some time, whether or not true. At the same time, it left unmentioned its East Jerusalem projects, where Israel steals Palestinian land for settlement development.
In 2009, Norway's pension fund divested in Elbit Systems, an Israeli defense electronics firm, because of its involvement in building Israel's illegal Separation Wall.
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