Istanbul
Swedish pension money has been invested in an Israeli chemical company accused of producing white phosphorus, a substance condemned by human rights groups for its alleged use in densely populated areas of Gaza and Lebanon, local media reported Friday.
An investigation by the public broadcaster Ekot revealed that the Seventh AP Fund, where nearly 6 million Swedes have their premium pensions if they have not made an active choice, has holdings worth about 100 million kronor ($9.3 million) in Israel’s ICL Group.
The company manufactures white phosphorus, which causes severe burns and is restricted under international law.
Amnesty International and Human Rights Watch have accused Israel of using white phosphorus munitions in recent conflicts. While the substance can legally be used to illuminate targets or create smoke screens, its use as an incendiary weapon near civilians is banned.
Although there is no confirmation that ICL’s products were deployed in Gaza or Lebanon, the company has previously acknowledged selling white phosphorus to the US Army, which maintains close military ties with Israel. Activist groups have repeatedly urged investors to divest from the company.
Ekot’s review showed that the Seventh AP Fund increased its stake in ICL Group in 2025, raising its holdings from 1.2 to 1.6 million shares.
Astri Sjoner, a political advisor at Amnesty Norway, described the investment as “risky.”
“Now several people have indicated that they suspect that it is this company’s white phosphorus that was used in Israel’s warfare in Gaza,” she said.
“When there is this type of suspicion, it is important that those who invest in it take on an extra great responsibility to assess the risk of human rights violations.”
Mikael Lindh Hok, the acting head of communications at the Seventh AP Fund, said there are no immediate plans to sell the shares but stressed the issue will be reviewed this fall.
“If it is true and you can really verify that their product, in this case white phosphorus, is used by the Israeli military in the conflicts, then it is a basis for blacklisting,” he said.
He added that the fund seeks confirmation before excluding companies.
“Sometimes there can be a rumor that a company has violated, then it turns out that it has not violated an international convention. And since we are the default choice for 6 million Swedes, we have set that limit: what international conventions has Sweden signed?”
By Necva Tastan Sevinc