Norway wealth fund puts rubber glove giant Supermax Corp under observation

Norway’s US$1.2 trillion wealth fund put Malaysia’s Supermax Corp under observation for two years on Wednesday, citing unacceptable risk that the company contributes to serious violations of human rights.

“The executive board has made the assessment that the company’s announced measures to improve living and working conditions for migrant workers leave uncertainty about future developments,” the fund said in a statement.

The fund added it has also revoked the exclusion of IJM Corp Bhd and decided to end its active ownership for South Africa’s AngloGold Ashanti Ltd.

IJM Corp was excluded in 2015 due to its activities in palm oil plants in Indonesia, and since these activites have been terminated there are no longer grounds for exclusion, the fund said.

AngloGold Ashanti has been under special active ownership since 2013 because of concerns over serious environmental damage and serious violations of human rights related to activities in two goldmines in Ghana.

“The executive board now finds that the risk in terms of future developments appear to have been reduced,” it said, adding that going forward, the company will be followed up through ordinary ownership activities.