Norway fund blacklists security firm G4S over rights worries

International

FILE – In this file photo dated Thursday, Jan. 26, 2012 a G4S security company logo is seen during a news conference in London. The board of Norway’s sovereign wealth fund said Thursday Nov. 14, 2019, it is banning all financial holdings in British security services company G4S due to the risk that it “contributes to or is responsible for serious or systematic human rights violations.” following a recommendation from Norway’s Council on Ethics, which monitors investments. (AP Photo/Matt Dunham, FILE)

COPENHAGEN, Denmark (AP) — Norway’s sovereign wealth fund says it is banning all financial holdings in British security services company G4S due to the risk that it “contributes to or is responsible for serious or systematic human rights violations.”

The board of the world’s largest fund of its kind said Thursday’s decision came after a recommendation from Norway’s Council on Ethics, which monitors investments.

The council said G4S provides security services in over 90 countries and had assessed its operations in Qatar and the United Arab Emirates, where its employees are mostly migrant workers.

It said many G4S workers have their passports taken, are paid less than agreed to, and take loans to pay fees to get their jobs with the company. They are then often unable to quit due to the debt.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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