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Campaigners have demanded a Norwegian oil tank to be released from Grenfell shares

Campaigners have called for a $ 1.4tn oil package in Norway to be withdrawn from Grenfell Tower manufacturers and manufacturers, and to open up a new way to deal with businesses facing a security crisis in the UK.

Lenders in the affected areas have written to Nicolai Tangen, chief executive of Norges Bank Investment Management (NBIM), who oversees the private fund, and urged the group to “make the best use of their responsibilities as [a] big shareholder ”forcing 11 builders and cover makers or withdrawing money from companies.

These companies are increasingly being monitored for their development work which is now considered unsafe.

Concerns were raised in the UK’s hundreds of thousands of homes following the 2017 fire at Grenfell Tower in London, killing 72 people.

Grenfell’s fire and subsequent investigations “have revealed the fire safety problem in the UK,” said campaigners in the letter, which was first quoted in The Times.

“The crisis means that at least 3,000,000 lenders are locked up in flames that they cannot sell, are paying for fire protection that they cannot afford, and are facing rehabilitation / debts for life-changing loans to keep homes safe,” they said. he added.

The firefighters were found to be the main culprits in the Grenfell fire and further research into the fire has investigated the work of three companies involved in the production of the equipment used on the platform: Kingspan, Arconic and Saint-Gobain. NBIM owns key shares in all three businesses, with shares of between 2 percent and 4.5 percent valued at approximately £ 1.5bn.

Major UK manufacturers have also been affected by the security crisis. NBIM is an Investor in UK-based architects Barratt Developments, Bellway, Berkeley, Crest Nicholson, Persimmon, Taylor Wimpey and Vistry, as well as Australian software developer LendLease, which has several major UK projects.

In their letter, campaigners called on NBIM to use its role as a major stakeholder to push companies to “eliminate housing security risks and fully compensate the victims of the Grenfell disaster; and leave its assets in these companies if they fail to do so”.

Attracting enima large stocks is a new approach to lending campaigns so that businesses that have developed and stocked their products pay for any restructuring work. NBIM focuses on financial security and has previously excluded tobacco and nuclear weapons companies from its organization.

The developers were selected last week by UK Home Secretary Michael Gove, who has supported the call for campaigners to take action. He has insisted on “money launderers” to repair unsafe housing and has promised to save “innocent renters” from doing so. Gove told developers to come up with a plan and budget for housing repairs that are between 11 meters and 18 feet long, a project that costs £ 4bn.

“We want these companies to do the right thing and help solve this problem,” Gove said. “In the coming weeks, we will discuss with them how they can do this – if companies do not agree, we are ready to provide a legal solution.”

The government has created a special £ 5.1bn fund to remove barriers to tall buildings.

NBIM did not respond to a request for comment.


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