Norway wealth fund puts PKN Orlen on watch over human rights concerns

PKN's purchase of Polska Press from a German media group has been criticised by opposition parties in Poland for being part of a drive by the nationalist Law and Justice (PiS) government to increase control over the media and curb free speech. Norway's sovereign wealth fund at the end of 2022 held a stake in PKN Orlen worth 1.92 billion Norwegian crowns, at the time worth $195 million, or 1.15% of the outstanding shares, according to the fund's website.

Norway's $1.3 trillion wealth fund on Wednesday put Polish energy group PKN Orlen under observation for a period of three years, citing an "unacceptable risk that the company contributes to serious violations of human rights".

"This recommendation rests on Orlen's acquisition of the newspaper publisher Polska Press and its implications for freedom of the press and therefore freedom of expression in Poland," the Fund's Council of Ethics said in a statement. PKN's purchase of Polska Press from a German media group has been criticised by opposition parties in Poland for being part of a drive by the nationalist Law and Justice (PiS) government to increase control over the media and curb free speech.

Norway's sovereign wealth fund at the end of 2022 held a stake in PKN Orlen worth 1.92 billion Norwegian crowns, at the time worth $195 million, or 1.15% of the outstanding shares, according to the fund's website. PKN Orlen was not immediately available to comment.

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