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.
One of the richest coastlines in the world
The fish stocks of occupied Western Sahara have not only attracted the interest of the Moroccan fleet: other foreign interests are also fishing in the occupied waters through arrangements with Moroccan counterparts. Along the Western Saharan coastline, a processing industry has emerged.
The CJEU Court Cases
Keeping track of the many legal proceedings relating to Western Sahara is not easy. This page offers an overview of the cases concerning the territory that have been before the Court of Justice of the European Union (CJEU).
Tūhana human rights advisors ignore human rights
A consultancy hired to assess phosphate imports from occupied Western Sahara into New Zealand concludes there is no problem.
MEPs push back on Commission over Western Sahara in EU–Morocco trade
MEPs from across the political spectrum sharply criticised the European Commission over its handling of EU-Morocco trade relations covering occupied Western Sahara, raising concerns over legality, transparency and an apparent disregard for Parliament’s role.