(Bangkok Post File Photo)Norway’s sovereign wealth fund has dropped the Thai energy conglomerate PTT Plc from its portfolio because of concerns that its activities in Myanmar could fund human-rights abuses. The executive board of the $1.3-trillion fund, the world’s largest, is also axeing PTT Oil and Retail Business Plc (OR), as well as Israel-based Cognyte Software Ltd because of an “unacceptable risk” of human rights violations. The fund cited an “unacceptable risk that the companies contribute to serious violations of individuals’ rights in situations of war or conflict”. On Cognyte, the Norwegian fund’s ethics council said several states that are said to be customers of its surveillance products and services “have been accused of extremely serious human rights violations”. The fund said the decisions were based on ethics council recommendations from May and June.
