The Swedish Pension Fund has withdrawn its investments from Bharat Electronics Limited (BEL), an Indian defense manufacturing company that continues to supply military equipment to Myanmar’s military council. According to reports from the Swedish Pension Fund’s Ethics Council, the decision to divest was made due to BEL’s ongoing arms sales to the Myanmar military, which has been responsible for numerous human rights violations.
BEL has been regularly manufacturing and selling radar systems, air defense systems, communication equipment, and other military technology for Myanmar military’s naval vessels. The company transferred military equipment worth over $5 million to the Myanmar military during a six-month period until April 2023, and in March 2024, it further supplied control equipment for three-dimensional surveillance radar systems. Justice For Myanmar has documented these ongoing arms transfers and their implications for Myanmar’s civilian population.
AP2, the Swedish Pension Fund, had invested 359 million Swedish Krona (approximately $33.8 million) in BEL shares, which have now been completely withdrawn. However, AP7, another Swedish fund that is not part of the Ethics Council, still maintains investments worth 289 million Swedish Krona (approximately $28.7 million) in the company. Justice For Myanmar has welcomed the Swedish Pension Fund’s decision and urged other investors to follow suit with similar divestment actions.
The organization has also called on the Indian government to immediately implement an arms embargo against Myanmar’s military council and cease all military training and support activities. Previously, Norway’s Sovereign Wealth Fund and Nordea Bank had also removed BEL from their investment portfolios due to the company’s continued arms sales to the Myanmar military, which has been accused of committing international crimes and human rights violations against its own people.
