The Norwegian insurance giant KLP Kapitalforvaltning has excluded two multinational construction firms from their investment portfolio over their ownership of Israeli companies who operate in Judea and Samaria.
“KLP is excluding Heidelberg Cement and Cemex on the grounds of their exploitation of natural resources in occupied territory on the West Bank,” the company announced Thursday, Haaretz reported. “In KLP’s opinion this activity constitutes an unacceptable risk of violating fundamental ethical norms.”
The two companies in question—Heidelberg Cement, a Germany company, and Cemex, a Mexican company—acquired the Israeli firms Hanson Quarry Products Israel and Readymix Industries Israel, who both run quarries in Area C of Judea and Samaria, which is under Israeli control.
“No such agreement can override the rules relating to occupation set out in the Hague Regulations and the Fourth Geneva Convention,” KLP said.
Both Heidelberg and Cemex, however, stressed that most of the workers at their Judea and Samaria quarries are Palestinian and benefit from the same working conditions as Israelis.