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Norway wealth fund ends observation of Malaysia's Supermax, two others
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Norway wealth fund ends observation of Malaysia's Supermax, two others
Oct 10, 2024 10:39 PM

Oct 9 (Reuters) - Norway's sovereign wealth fund has

ended observation of Supermax, two years after placing

the Malaysian medical glove maker under watch over allegations

that the company contributes to human rights violations.

Norges Bank's decision comes over a year after the

United States

lifted a ban

on Supermax, allowing it to resume sales. The company's

imports were barred from the U.S. in October 2021 over the

alleged forced labor practices.

"According to the Council on Ethics, the company has

during the time of observation reported that it has implemented

several measures to improve conditions," Norges Bank Investment

Management said in a statement on Wednesday. "The risk that the

company is contributing to human rights violations is no longer

considered unacceptable."

The trillion dollar wealth fund has also ended the

observation of Southern Co ( SO ) and BHP, without

giving any direct reason, and revoked exclusion of six

companies, the fund said.

BHP was put under observation by the fund in 2020 for

coal use and production.

Supermax, Southern Co ( SO ) and BHP did not immediately

respond to Reuters requests for comment.

As part of Norges Bank's work on the product-based coal

criterion, the fund monitors company events and companies

entering the market.

The sovereign wealth fund is also revoking exclusion of TXNM

Energy ( TXNM ), Public Power Corp, TransAlta ( TAC ),

Jastrzebska Spolka Weglowa ( JSZWF ), Eneva SA and

Capital Power ( CPXWF ).

The companies did not immediately respond to Reuters

requests for comment.

(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Shreya

Biswas and Devika Syamnath)

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