Business

New Zealand pension fund drops two gun-linked Japanese firms in wake of mosque massacres

JIJI

Two Japanese companies are among those that have been excluded from New Zealand’s public pension fund in response to stricter gun control measures following the fatal mass shootings last month.

The NZ Super Fund, which manages 41 billion New Zealand dollars ($27.7 billion) worth of assets, removed seven firms including Daicel Corp. and NOF Corp., which are both involved in gunpowder-related operations, the fund announced Friday. The divestiture amounts to NZ$19 million ($12.8 million).

New Zealand banned most semi-automatic weapons in the wake of the shootings, which killed 50 people in Christchurch.

Other companies dropped by the fund include U.S. firearm makers American Outdoor Brands Corp. and Sturm, Ruger & Co.

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