US EditionNorway dumps Mexico's Pemex over decades of corruption scandals
- Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, divested all its Pemex holdings on Sunday over prolonged corruption concerns.
- The decision followed the Council on Ethics' report citing unresolved bribery and opaque procurement spanning 2004 to 2023 under multiple Mexican administrations.
- The divestment included around $140 million in securities previously held by the fund, which values Pemex’s debt at about $100 billion amid recent financial losses and output declines.
- The Council stated there is "not sufficient information" on recent corruption acts and criticized Pemex’s limited transparency despite its anti-corruption systems, prompting the fund to uphold exclusion recommendations.
- Pemex faces uncertain financial and reputational futures as divestment highlights investor demands for stronger governance and sustainability aligned with global climate goals.
25 Articles
25 Articles
World's largest wealth fund divests from Pemex, citing corruption
Norway’s US $1.8-trillion sovereign wealth fund, the world’s largest, has sold all of its fixed-income investments in Mexico’s state-owned Petróleos Mexicanos (Pemex), it announced on Sunday. It cited a lack of transparency over corruption as the main reason for the divestment. “Investigations have revealed that Pemex may be linked to multiple allegations or suspicions of corruption in Mexico in the period 2004-2023,” the fund’s ethics watchdo…
A Norwegian Government investment fund leaves Pemex on suspicion of corruption against it
Mexican Oils (Pemex) has been excluded from the Norwegian Government’s Global Pension Fund due to numerous suspicions of corruption against them. The world’s largest investment fund sold all its fixed-income investments in Mexican state oil, Reuters reported this Sunday. As of June, the fund held Pemex’s securities for about NOK 1,443 million, about US$ 138 million. The decision was made after a hard report by the Norwegian Fund’s Ethics Council…
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