Swedish bank excludes phosphates industry in Western Sahara
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One of the largest Swedish financial groups today announced they are kicking out four clients of Western Sahara phosphates from its portfolios, including the two leading Canadian importers.
Published: 12.06 - 2017 17:28Printer version    
The Swedish bank SEB today announced that they have blacklisted 40 international companies from its actively managed portfolios.

Among the excluded companies are Agrium, PotashCorp, Incitec Pivot and Innophos Holdings. The four companies are all four stock exchange registered companies appearing in the trade of the controversial phosphate rock appearing in the report P for Plunder 2016, published by Western Sahara Resource Watch on 25 April.

SEB is a Swedish financial group for corporate customers, institutions and private individuals with headquarters in Stockholm. Its activities comprise mainly banking services, but SEB also carries out significant life insurance operations.

Later this year, the exclusions will also apply to SEB's index funds.

A large number of institutional investors have blacklisted the four companies due to their contribution to undermining of international law. Agrium, PotashCorp and Incitec Pivot have long term supply contracts with the Moroccan government company that illegally exploits the mine in occupied Western Sahara. Innophos Holdings its sourcing its rock in Louisiana from PotashCorp.

There is an ever increasing legal-financial risk involved in the pillage of the conflict mineral. On 15 June 2017, a court in South Africa is to decide what to do with the case of the bulk vessel NM Cherry Blossom currently detained in the port of Port Elizabeth. The vessel contains 54,000 tonnes of phosphate rock on its way to New Zealand.

Last year, WSRW wrote an overview over other private-public investors internationally having divested from companies operating in occupied Western Sahara in partnership with the Moroccan government.

Morocco has illegally occupied the territory since 1975.

    
News:

23.02 - 2018 / 23.02 - 2018SA Court confirms: Morocco has no ownership over Saharawi phoshates
23.02 - 2018 / 21.02 - 2018EU Member States disagree over toxic fertilizers
21.02 - 2018 / 21.02 - 2018Vigeo Eiris goes back on false claim
20.02 - 2018 / 20.02 - 2018EU Parliamentarians concerned over Commission's respect of rule of law
15.02 - 2018 / 15.02 - 2018Sweden to vote against new EU-Morocco fish talks
08.02 - 2018 / 08.02 - 2018Studies continue on Kosmos Energy's block
07.02 - 2018 / 07.02 - 2018Kosmos and Cairn have pulled out of Western Sahara
07.02 - 2018 / 07.02 - 2018Why WSRW refuses to take part in the EU's Western Sahara consultation
03.02 - 2018 / 03.02 - 2018Unison condemnation of the EU Commission from Western Sahara groups
02.02 - 2018 / 01.02 - 2018Siemens fails to respond Western Sahara question at AGM
01.02 - 2018 / 01.02 - 2018EU has sealed Western Sahara trade deal in violation of Court Judgment
31.01 - 2018 / 30.01 - 2018Polisario threatens compensation from EU and companies, warns Nutrien
31.01 - 2018 / 30.01 - 2018Vigeo Eiris reports untruly about UN human rights approval
29.01 - 2018 / 29.01 - 2018'Biggest importer' of phosphate rock is pulling out
27.01 - 2018 / 27.01 - 2018Senior socialist MEPs publicly slam EU-Morocco talks
23.01 - 2018 / 12.01 - 2018Glencore has left occupied Western Sahara
22.01 - 2018 / 22.01 - 2018German government not supportive of business in Western Sahara
15.01 - 2018 / 15.01 - 2018Denmark accepts continued EU fisheries in occupied waters
10.01 - 2018 / 10.01 - 2018EU Court advocate: Fish agreement invalid for including Western Sahara
08.01 - 2018 / 08.01 - 2018EU Commission eying new fish deal including Western Sahara




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Morocco occupies the major part of its neighbouring country, Western Sahara. Entering into business deals with Moroccan companies or authorities in the occupied territories gives an impression of political legitimacy to the occupation. It also gives job opportunities to Moroccan settlers and income to the Moroccan government. Western Sahara Resource Watch demands foreign companies leave Western Sahara until a solution to the conflict is found.
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