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Norway's wealth fund sells all its fixed income from Mexico's Pemex due corruption risk - Finance news and analysis from Global Banking & Finance Review
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Norway's wealth fund sells all its fixed income from Mexico's Pemex due corruption risk

Published by Global Banking & Finance Review

Posted on May 11, 2025

1 min read

· Last updated: May 11, 2025

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Norway's Wealth Fund Divests Pemex Bonds Amid Corruption Fears

OSLO (Reuters) -Norway's wealth fund, the world's largest, has sold all its fixed income investments in Mexican state oil firm Pemex, it said on Sunday, citing what it called an unacceptable risk that the company is involved in corruption.

The fund's ethics watchdog, the Council on Ethics, said "its investigations have revealed that Pemex may be linked to multiple allegations or suspicions of corruption in Mexico in the period 2004-2023," it said in a statement.

"The Council attaches importance to the fact that a significant number of company employees, including a former senior executive, are alleged to have received bribes on several separate occasions."

Pemex was not immediately reachable for comment outside of regular business hours.

The $1.8 trillion fund, which owns 1.5% of listed shares across 9,000 companies globally, operates under guidelines set by Norway's parliament and is seen as a leader in the environmental, social and governance field.

(Reporting by Gwladys Fouche; Editing by David Gregorio)

Key Takeaways

  • Norway's wealth fund sold all fixed income investments in Pemex.
  • The decision was due to corruption risks linked to Pemex.
  • The Council on Ethics highlighted multiple allegations against Pemex.
  • Pemex employees, including a former executive, allegedly received bribes.
  • The fund is a leader in environmental, social, and governance fields.

Frequently Asked Questions

What is the main topic?
The main topic is Norway's wealth fund selling its Pemex investments due to corruption risks.
Why did the fund sell Pemex investments?
The fund sold due to unacceptable corruption risks linked to Pemex, as highlighted by the Council on Ethics.
What is the significance of this decision?
The decision underscores the fund's commitment to ethical investments and governance standards.

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