Norway's sovereign wealth fund puts Adani Ports on its watch list

Norway’s sovereign wealth fund has put Canada's Bombardier, India’s Adani Ports and South Korea’s Hyundai Glovis on its watch list for possible exclusion from investment due to ethical concerns. 

Norway's $1.3 trillion wealth fund, which invests the state’s revenues from oil and gas production for future generations, follows an ethical mandate set by parliament. 

Norges Bank, which manages the fund, said in a statement on Monday that Bombardier was placed on the list due to “the unacceptable risk that the company contributes to or is responsible for gross corruption”. 

The fund has a 1.2 per cent stake in the Canadian company, according to Refinitiv data. Investigations into the business-jet maker have revealed the company or its subsidiaries can be linked to allegations or suspicions of corruption in six countries over more than ten years, the fund's council on ethics has said. All the cases relate to bribes or suspicious transactions amounting to more than $100 million to win contracts for Bombardier’s subsidiaries, it said.