Norway fund sells off stake in Caterpillar over concerns about Gaza

The world's largest wealth fund has excluded Caterpillar, the construction equipment manufacturer, over Israel's use of its bulldozers to destroy Palestinian property in Gaza and the West Bank.

- Mark Sweney

Norway's $2tn (£1.5tn) fund said yesterday that it had excluded Caterpillar and five Israeli banking groups on ethical grounds. The fund has already excluded more than 20 Israeli companies this year, but Caterpillar is the first big US company to be removed through the fund's review to ensure its investments do not contribute to violations of international law.

"There is no doubt that Caterpillar's products are being used to commit extensive and systematic violations of international humanitarian law," said the fund's independent council on ethics.