They are sharing the oil profits
Aftonbladet Reveals, Tuesday March 13, 2012
A preliminary criminal investigation is being conducted into the oil company Lundin Petroleum’s actions in South Sudan.
Aftonbladet’s Leo Lagercrantz, Jens Christian Brandt and Magnus Wennman have, in several reports over recent days, returned to the scene of the alleged crimes. This is at the same time as their fellow journalists Martin Schibbye and Johan Person are imprisoned in the neighbouring country of Ethiopia. Today Aftonbladet can reveal that more than half of the ministers in the government indirectly have shares in this much-criticised company.
More than half of the ministers in the government have shares in funds that have invested money in Lundin Petroleum. The Minister for EU affairs, Birgitta Ohlson (Liberal People’s Party), was not even aware of her holding ‒ and acted immediately: “l’ve chosen to take responsibility by selling all my funds.”
Aftonbladet has scrutinised the fund holdings of the government – and comes to the conclusion that 13 of the 24 ministers own shares in funds investing money in Lundin Petroleum. One of them is the EU minister Birgitta Ohlson (Liberal People’s Party). She says that she did not realise she indirectly owned shares in the much criticised Swedish oil company. “There must be many others who were not aware of this. It is a question of Sweden’s most common funds owning shares in several hundred companies, that are constantly being replaced.”
“Has a moral responsibility”
Ulf Bjereld, quality-assured Professor of Politics at the University of Gothenburg, considers that it is inappropriate for ministers to have financial interests in Lundin Petroleum. “Each minister has an individual moral responsibility for their share portfolio. Those accusations directed at Lundin Petroleum as regards crimes against international law, complicity in mass murder and forcible deportations are extremely serious,” he writes in a mail. Bjereld considers that it does not matter whether Lundin Petroleum is charged with crimes under international law or not. “Irrespective of whether the ongoing preliminary investigation leads to a conviction or not, from my point of view enough information has emerged for it to be inappropriate for a minister to have shares in the company Lundin Petroleum. It is a very good thing that the matter is now being debated in the public forum.”
After Aftonbladet revealed that more than half of the ministers have financial interests in Lundin Petroleum, Birgitta Ohlson acted immediately. “I did not want to have a share in funds that in their turn own shares in Lundin Petroleum. I have to take responsibility by selling all my funds,” she writes in a mail to Aftonbladet.
Will review holdings
The Centre Party leader Annie Lööf is also reviewing her holdings. “Prior to this I didn’t have any knowledge of Allemansfonden’s holdings in Lundin Mining and Lundin Petroleum, and now there is cause for me to review my holdings. I have also questioned Robur about their view of holdings in a company which is being investigated for crimes under international law.”
Prime Minister Fredrik Reinfeldt has an indirect holding in Lundin Petroleum through the fund SEB Sverige. Aftonbladet has not been able to reach him for a comment, but his press secretary refers to the existing rules and regulations for ministers’ holdings. “Generally speaking, I consider that ministers should be careful about having views on the placement of private funds, particularly if this applies to an issue which might be of current interest to authorities administering justice.”
Investigating
Pär Bäckman, Head of Information at Swedbank Robur, comments on Birgitta Ohlsson’s decision to sell her funds: “The company is not included in Swedbank Robur’s sustainable funds, because it does not fulfil the criteria for sustainable investments. In other funds where we have holdings we are awaiting the results of the ongoing investigation before we come to a decision.”
Several of the ministers who have indirect holdings in Lundin Petroleum have chosen not to respond to Aftonbladet’s questions.
These are the Swedish ministers who earn money from Lundin Petroleum:
FREDRIK REINFELDT (Moderate), 46
Prime Minister
Fund: SEB Sverige
“Generally speaking, I consider that ministers should be careful about having views on the placement of private funds, particularly if this applies to an issue which might be of current interest to the authorities administering justice,” says his press secretary, Markus Friberg.
GUNILLA CARLSSON (Moderate), 48
Minister for Development Cooperation
Fund: SHB Stabil 25 (which has shares in SHB Norden Aggressiv)
Refers to Markus Friberg’s comments.
STEN TOLGFORS (Moderate), 45
Defence Minister
Fund: Lannebo Sverige
Refers to Markus Friberg’s comments.
CATHARINA ELMSÄTER-SVÄRD (Moderate), 46
Minister for Infrastructure
Fund: Handelsbanken Balans 50 (shares in Handelsbanken Sverigefond)
Refers to Markus Friberg’s comments.
HAS SOLD!
BIRGITTA OHLSSON (Liberal People’s Party), 36
Minister for EU Affairs
Fund: Swedbank Allemansfond 1
Has sold her funds after Aftonbladet’s revelations.
ULF KRISTERSSON (Moderate), 48
Minister for Social Security
Fund: SEB Aktiesparfond
Refers to Markus Friberg’s comments.
STEFAN ATTEFALL (Christian Democrat), 51
Minister for Public Administration and Housing
Fund: Folksam Sverigefond
“If a court were to prove that Lundin Petroleum has broken existing laws, I would have to address this.”
ANDERS BORG (M), 44
Minister of Finance
Fund: Avanza Zero
“Anders is saving in the charge-free index fund Avanza Zero. He himself does not choose the shares and other securities that are bought and sold,” says his press secretary.
Footnote: Holdings as of October 31, 2011. The information about fund holdings in Lundin Petroleum comes from each company’s homepage. Other ministers have no holdings.
By:
Jens C Brandt, Jens.brandt@aftonbladet.se
Leo Lagercrantz, leo.lagercrantz@aftonbladet.se
Photo: Magnus Wennman, magnus.wennman@aftonbladet.se
original Swedish article:
http://www.aftonbladet.se/nyheter/article14515068.ab
- Database Search
- Unpaid Debt A comprehensive overview of the role of the Lundin Consortium in the oil war. ECOS calls upon the Swedish, Austrian and Malaysian governments to investigate whether, as a matter of international law, Lundin, OMV and Petronas 'were complicit in the commission of war crimes and crimes against humanity by others during the period 1997-2003.’ In response, the Swedish Public Prosecutor for International crimes opened a criminal investigation into ‘links between Sweden and the reported crimes’.
- In Depth For more specific information about the Lundin court case please visit the Unpaid Debt dossier.
