European firm divests holdings in Palantir Technologies for involvement with Israel
Date
10/27/2024 5:19:17 AM
(MENAFN) One of northern Europe’s largest asset management firms, Storebrand, has recently divested its holdings in Palantir Technologies due to concerns that the American data company’s involvement with Israel could lead to potential violations of international humanitarian law and human rights. Storebrand, which oversees nearly 1 trillion crowns (USD91.53 billion) in assets, expressed apprehension that Palantir’s work may be used in ways that conflict with global legal standards in occupied territories.
In a statement released this week, Storebrand explained that it decided to exclude Palantir from its investment portfolio specifically because of Palantir’s provision of products and services to Israel for use in the occupied Palestinian territories. The Norwegian firm pointed to ethical considerations and the potential misuse of Palantir's technology as key reasons behind its decision, noting that it is committed to ensuring its investments align with human rights principles.
A spokesperson for Storebrand informed Reuters that the firm had held approximately 262 million crowns (or USD24 million) worth of shares in Palantir before deciding to withdraw. Despite multiple attempts to reach out to Palantir, Storebrand reportedly received no response from the Denver-based company, which had not replied to any of Storebrand’s requests for information since the initial inquiry in April of this year.
Palantir, which was co-founded by billionaire entrepreneur Peter Thiel, is known for providing advanced AI models to military clients. Earlier this year, the data analytics company entered into a strategic partnership to supply technology to Israel, aiming to support ongoing operations in the Gaza Strip. A representative for Palantir has not yet commented on Storebrand’s divestment or responded to recent media inquiries on the matter.
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