Norway’s sovereign wealth fund, the largest in the world, has sold off its stake in China’s Li Ning Co (李寧) over suspicions of forced labor use in the Xinjiang region, the fund’s manager said.
Li Ning, a manufacturer and trader of sportswear and equipment, was singled out “due to unacceptable risk that the company contributes to serious human rights violations,” the Norwegian central bank said in a statement on Monday.
The decision followed a recommendation from Norges Bank’s Council on Ethics, which in an advisory opinion pointed to reports linking Li Ning to “a supplier said to manufacture inside an internment camp.”
China