11th January 2008: Norway govt cuts Hanwha Corp, Serco and GenCorp from oil fun on ethical grounds (UK)

Hemscott/Morning Star
OSLO (Thomson Financial) - Norway's Finance Ministry said it has cut South Korean group Hanwha Corporation, British group Serco Group PLC and U.S. group GenCorp Inc from its 380 bln usd state oil fund on ethnical grounds.
'These companies produce cluster munitions and nuclear weapons ... and we cannot participate in the funding of this type of production,' said Finance Minister Kristin Halvorsen in a statement.
The ministry announcement added that its Council on Ethics had looked into the activities of German company Rheinmetall AG and concluded that presently it did not produce cluster munitions.
'That company is therefore not excluded from the fund,' the ministry said.
Norway's massive state pension fund, which saves and invests the oil-rich country's energy revenues for the future of its citizens, takes a strong ethnical line on the activities of the companies it invests in and periodically excludes those it considers falling below its standards.
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