STOCKHOLM – Norway’s $820 billion oil fund has blacklisted Chinese telecommunications company ZTE Corp. due to concerns about corruption.
The Norwegian central bank announced the decision Thursday, acting on a recommendation of its Council of Ethics, which said ZTE faces corruption allegations in 18 countries and has been convicted of corruption in one case.
At the end of 2014 the fund held ZTE shares worth about 85 million kroner ($9.5 million).
Norway sets aside profits from its offshore oil and gas sector for investments abroad through the Government Pension Fund Global, also known as the oil fund.
Dozens of companies including tobacco and weapons producers have been excluded due to ethical concerns.