Swedish bank excludes phosphates industry in Western Sahara
canada_demo_610.jpg

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.

    

Top
News:

21.06 - 2017 / 21.06 - 2017Polisario warns shipping industry of more vessel detentions
20.06 - 2017 / 20.06 - 2017Isle of Man shipping company exits Western Sahara until settlement
16.06 - 2017 / 16.06 - 2017New report reveals the companies transporting conflict phosphate rock
15.06 - 2017 / 15.06 - 2017Saharawis won first round in conflict mineral cargo court case
12.06 - 2017 / 12.06 - 2017Wisby Tankers continues fueling occupation of Western Sahara
12.06 - 2017 / 12.06 - 2017Swedish bank excludes phosphates industry in Western Sahara
06.06 - 2017 / 19.05 - 201715 questions that Atlas Copco does not want to answer
02.06 - 2017 / 02.06 - 2017Moroccan government confirmed Glencore exit from Foum Ognit
01.06 - 2017 / 01.06 - 2017Ballance takes in new controversial cargo to replace detained vessel
30.05 - 2017 / 30.05 - 2017UN Global Compact drops Vigeo Eiris case after own goal
30.05 - 2017 / 30.05 - 2017Protests in Palma de Mallorca against sand imports
30.05 - 2017 / 29.05 - 2017Can the EU answer these questions on Western Sahara trade talks?
24.05 - 2017 / 20.05 - 2017Canada bound ship with conflict minerals released from detention
18.05 - 2017 / 18.05 - 2017New Zealand conflict cargo judgment set for 9 June
18.05 - 2017 / 18.05 - 2017Danish vessel with plunder cargo detained in Panama
11.05 - 2017 / 10.05 - 2017EU intends to ignore Court of Justice judgment on Western Sahara trade
11.05 - 2017 / 11.05 - 2017Glencore is departing Western Sahara
05.05 - 2017 / 03.05 - 2017Enel considers involvement in occupied Western Sahara non-political
04.05 - 2017 / 04.05 - 2017Ballance Agri-Nutrients admits to be buyer of seized cargo
04.05 - 2017 / 04.05 - 2017Video of the seized vessel




EN ES FR DE AR

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.
Stand up for the Gdeim Izik 25!

tn_court_photo_gdeim_izik_610.jpg

On 17 February 2013, in a mockery of justice, a Moroccan military court condemned 25 Saharawi citizens to shockingly tough prison sentences. Help us to release the Gdeim Izik 25.
Support Western Sahara Resource Watch

tn_sjovik_demo_610.jpg

Help us to protect the natural resources of Western Sahara for the Saharawi people. Support our work by making a donation.
Report: Moroccan green energy used for plunder

tn_poweringplunder_eng_610.jpg

At COP22, beware of what you read about Morocco’s renewable energy efforts. An increasing part of the projects take place in the occupied territory of Western Sahara and is used for mineral plunder, new WSRW report documents.
The Western Sahara oil curse

tn_san_leon_protest_camps_8_august_2015_610x200.jpg

Big oil’s interest in occupied Western Sahara has taken a dramatic turn for the worse. Some companies are now drilling, in complete disregard of international law and the Saharawi people’s rights. Here’s what you need to know.

WSRW.org News Archive 2016
WSRW.org News Archive 2015
WSRW.org News Archive 2014
WSRW.org News Archive 2013
WSRW.org News Archive 2012
WSRW.org News Archive 2011
WSRW.org News Archive 2010
WSRW.org News Archive 2009
WSRW.org News Archive 2008
WSRW.org News Archive 2007
WSRW.org News Archive 2004-2006


Register for our English newsletter:









These web pages have been built with the financial support of the trade union Industry Energy