World's largest wealth fund divests from Pemex, citing corruption

World's largest wealth fund divests from Pemex, citing corruption

Norway’s US $1.8-trillion sovereign wealth fund, the world’s largest, has sold all of its fixed-income investments in Mexico’s state-owned Petróleos Mexicanos (Pemex), it announced on Sunday. It cited a lack of transparency over corruption as the main reason for the divestment.   “Investigations have revealed that Pemex may be linked to multiple allegations or suspicions of corruption in Mexico in the period 2004-2023,” the fund’s ethics watchdo…

Mexican Oils (Pemex) has been excluded from the Norwegian Government’s Global Pension Fund due to numerous suspicions of corruption against them. The world’s largest investment fund sold all its fixed-income investments in Mexican state oil, Reuters reported this Sunday. As of June, the fund held Pemex’s securities for about NOK 1,443 million, about US$ 138 million. The decision was made after a hard report by the Norwegian Fund’s Ethics Council…

Sheinbaum states that they will review the withdrawal of the investments that Norwegian fund has to in Pemex and request information from the parastatal.

Norwegian fund exits Pemex debt - LatinFinance

Norway’s sovereign wealth fund cites “unacceptable” risk of corruption, which Pemex attributes to previous administration The post Norwegian fund exits Pemex debt appeared first on LatinFinance.

Norway's sovereign fund disposes of Pemex assets for risk of corruption

**Mexican Petroleos (Pemex) **has confirmed the decision of the Global Pension Fund of the Government of Norway to exclude it from its portfolio of investments due to allegations of corruption. The withdrawal culminated in the sale of the last shares of the Mexican state oil company equivalent to less than 7% of its maximum investment before the firm decision of the Ethics Council of the Fund, as stated in a statement. Pemex clarified in its not…