{"id":115373,"date":"2021-03-04T00:20:36","date_gmt":"2021-03-04T00:20:36","guid":{"rendered":"https:\/\/precoinnews.com\/?p=115373"},"modified":"2021-03-04T00:20:36","modified_gmt":"2021-03-04T00:20:36","slug":"worlds-biggest-wealth-fund-puts-japans-kirin-holdings-on-watch-list-over-myanmar-link","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/worlds-biggest-wealth-fund-puts-japans-kirin-holdings-on-watch-list-over-myanmar-link\/","title":{"rendered":"World's biggest wealth fund puts Japan's Kirin Holdings on watch list over Myanmar link"},"content":{"rendered":"

OSLO (Reuters) – The Norwegian central bank said on Wednesday it had put Japan\u2019s Kirin Holdings Ltd Co on a watch list for possible exclusion from its $1.3 trillion sovereign wealth fund over the beverage giant\u2019s ties to a business owned by Myanmar\u2019s military.<\/p>

FILE PHOTO: An employee works at a beer production line at Japanese brewer Kirin Holdings’ factory in Toride, Ibaraki Prefecture, Japan July 14, 2017. REUTERS\/Kim Kyung-Noon<\/figcaption>

\u201cKirin has recently announced an intention to end this business cooperation, and the implementation of this will be followed up as a part of the observation,\u201d the central bank said in a statement.<\/p>\n

Kirin Holdings was not immediately available for comment when contacted by Reuters.<\/p>\n

The drinks giant said on Feb. 5 it would scrap a joint venture called Myanmar Brewery, in which Kirin\u2019s controlling stake was valued at up to $1.7 billion, after the army staged a coup deposing the democratically elected government.<\/p>\n

Later in the month, however, Kirin said it still wanted to keep selling beer in Myanmar.<\/p>\n

Norges Bank Investment Management, which manages the world\u2019s largest sovereign wealth fund, held a 1.29% stake in Kirin Holdings at the end of 2020 with a value of $277.1 million.<\/p>\n

The Norwegian sovereign fund, formally called the Government Pension Fund Global and set up in 1996 to save petroleum revenues for future generations, owns about 1.5% of all globally listed shares.<\/p>\n

Holding stakes in around 9,100 companies worldwide, it has set the pace on a host of issues in the environmental, social and corporate governance (ESG) field, and its decisions are often followed by other investors.<\/p>\n

The bank separately said it would allow the wealth fund to invest again in Poland\u2019s Atal SA, which had been excluded since 2017 for risk of human rights violations through its use of North Korean workers at Polish construction sites.<\/p>\n

\u201cAs a result of a resolution in the United Nations Security Council, all North Korean workers have now been sent out of Poland. Therefore, there are no longer grounds for excluding the company,\u201d Norges Bank said.<\/p>\n

Atal did not immediately respond to an email seeking comment.<\/p>\n

A third firm, Germany\u2019s Thyssenkrupp AG, will be the subject of an \u201cactive ownership\u201d process as the fund\u2019s management seeks to probe the company\u2019s anti-corruption work, Norges bank said.<\/p>\n

\u201cNorges Bank has been in dialogue with the company over a long period of time. We therefore have a good foundation for active ownership on the issues to which this matter relates,\u201d the central bank said.<\/p>\n

The fund held a 1.3% stake in the German firm at the end of 2020 valued at $147.1 million.<\/p>\n

Thyssenkrupp did not immediately respond to an email seeking comment.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

OSLO (Reuters) – The Norwegian central bank<\/p>\n","protected":false},"author":3,"featured_media":115372,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nWorld's biggest wealth fund puts Japan's Kirin Holdings on watch list over Myanmar link - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/worlds-biggest-wealth-fund-puts-japans-kirin-holdings-on-watch-list-over-myanmar-link\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World's biggest wealth fund puts Japan's Kirin Holdings on watch list over Myanmar link - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"OSLO (Reuters) – The Norwegian central bank\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/worlds-biggest-wealth-fund-puts-japans-kirin-holdings-on-watch-list-over-myanmar-link\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-04T00:20:36+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/03\/cnewsfotor95-3.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/worlds-biggest-wealth-fund-puts-japans-kirin-holdings-on-watch-list-over-myanmar-link\/\",\"url\":\"https:\/\/precoinnews.com\/business\/worlds-biggest-wealth-fund-puts-japans-kirin-holdings-on-watch-list-over-myanmar-link\/\",\"name\":\"World's biggest wealth fund puts Japan's Kirin Holdings on watch list over Myanmar link - 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