Swedish pension funds are under scrutiny for investing in ICL Group, an Israeli company criticized for producing white phosphorus, a substance linked to severe burns and alleged use in conflict zones like Gaza and Lebanon. The Seventh AP Fund, managing pensions for millions of Swedes, holds significant shares in the company. The fund plans to investigate further, considering potential human rights violations.
Swedish Pension Funds Invested in Controversial Israeli Company
Swedish Pension Funds Invested in Controversial Israeli Company
Swedish pension funds are invested in a controversial Israeli company, reports Ekot. The company manufactures white phosphorus, a substance that causes severe burns and has been reportedly used in densely populated areas in Gaza and Lebanon, according to human rights organizations.
The Swedish Seventh AP Fund owns shares worth 100 million kronor in the company ICL Group, as revealed by Ekot's investigation.
The Seventh AP Fund is a government agency managing premium pension funds for nearly six million Swedes who have not made an active choice regarding their premium pension.
According to the radio's investigation, the company has invested in the Israeli chemical company ICL Group, which produces, among other things, white phosphorus, reportedly used against civilians in Gaza and Lebanon.
It is not confirmed that ICL Group's products are used in attacks in Gaza and Lebanon, but they have confirmed previous sales of white phosphorus to the U.S. military.
According to AP7's communications manager Mikael Lindh Hök, the fund will look into the matter more closely during the fall.
"If it is true and we can really verify that their products, in this case, white phosphorus, are used by the Israeli military in the conflicts, it is a basis for blacklisting, as it is a violation of human rights," Mikael Lindh Hök told Ekot.