Norway’s sovereign wealth fund has divested one of the world’s largest telecommunications companies over allegations of corruption and bribery.The NOK7.1trn (€742bn) Government Pension Fund Global’s Council on Ethics last year investigated ZTE Corporation, listed on the Shenzhen and Hong Kong stock exchanges, over concerns it was responsible for gross corruption, as defined by the fund’s own exclusion guidelines.In a statement, the fund’s manager, Norges Bank Investment Management, said its executive committee felt it was inappropriate to exercise its ownership rights to bring about change and instead opted to divest its stake worth NOK85m, accounting for just 0.15% in voting rights.The Council’s report from June last year noted the company had been sent a draft version of its report but had not commented in the findings, which listed allegations of corruption in 18 countries. The report adds: “All corruption allegations against ZTE of which the Council is aware relate to the payment of bribes to public officials to secure the award of contracts.“In 2012, ZTE’s representative in Algeria was sentenced to 10 years’ imprisonment for corruption in connection with a contract won by ZTE in the country.”The report points out that, following the sentencing of the representative in Algeria, the company was barred from bidding for public contracts for two years.It also cites allegations of corruption in Zambia, Kenya, the Philippines, Myanmar, Nigeria and Liberia, and claims “large” commission payments were passed to the prime minister of Papua New Guinea.The decision to exclude ZTE from the sovereign fund’s investment universe comes only a month after it decided to remove Alstom from its observation list after previous concerns over corruption.,WebsitesWe are not responsible for the content of external sitesLink to recommendation by Council on Ethics
Milan paid 18 million euros ($20.75 million) to sign him on loan, with a clause to make the deal permanent for a further 36 million euros.Higuain had his most successful season under Sarri, breaking the Serie A goalscoring record with 36 goals in the 2015/16 campaign.“I’ve talked to him a great deal, but it’s hard to give advice, because the career of a player only lasts 13-14 years,” continued Gattuso.“It’s his mind, not mine. The most important thing is to talk as men, look each other in the eyes and speak the truth.“I still don’t understand what Higuain’s unhappy about, because I see a happy lad, involved in the locker room.“We’ll see what happens. If it was up to me, I’d keep him at my house and feed him my dinner.”Share on: WhatsApp Milan, Italy | AFP | Gonzalo Higuain has made up his mind to leave AC Milan, coach Gennaro Gattuso said on Saturday amid speculation linking the striker to Premier League side Chelsea.Higuain joined Milan on a season-long loan from Juventus in July with an option to make the deal permanent, but he has struggled to settle at the San Siro, scoring eight goals in all competitions.The 31-year-old again drew a blank in AC Milan’s 2-0 Italian Cup win over Sampdoria on Saturday as substitute Patrick Cutrone netted a double in extra time.“When a player makes up his mind it becomes hard to convince them otherwise,” said Gattuso of Higuain.“I have a relationship with him that features great honesty, we say things to one another’s face.“At the moment, he’s our player and we’re holding on tightly to him. I don’t know what will happen.”The Argentina international reportedly wants to join his former Napoli coach Maurizio Sarri at Chelsea.