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Thursday February 17, 2011

Norway fund excludes Lingui

OSLO: Norway's sovereign wealth fund, the world's second largest, has excluded Lingui Developments Bhd from its portfolio, citing the timber company's contribution to “severe environmental damage”.

The US$546b il fund had completed its divestment from t he company, which is involved in operations in tropical rainforests, the Norwegian Finance Ministry said yester day in a statement on its website.

The fund held 2.7 million kroner (US$466,000) worth of shares in Lingui at the end of 2009.

The ministry is responsible for deciding whether to exclude any of the about 8,500 companies the fund invests in, based on recommendations from the Ethics Council.

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