The Polisario is being dealt another heavy blow in New Zealand. The High Court of Justice acknowledges compliance with the legal and ethical requirements of the investments of the New Zealand Sovereign Fund in relation to its imports of phosphates from Phosboucraa.
Another bitter failure of the separatists, who challenged the matching of investments made by the New Zealand sovereign wealth fund (NZSF) regarding domestic imports of phosphates from PhosBoucraa. On March 15, 2021, the New Zealand High Court of Justice flatly dismissed the Polisario’s appeal on the grounds that these investments, within the meaning of domestic law, would damage New Zealand’s reputation as a “responsible member of the international community”.
In detail, the Polisario has openly criticized the NZSF for investing in farms that use Boucraa’s phosphate in the form of fertilizer, investing in companies operating in the Moroccan Sahara, and for its holdings in previous bonds issued by the OCP Group. The New Zealand Fertilizer Association (FANZ) wanted to intervene on a voluntary basis in this dispute following the June 2020 interim ruling by the New Zealand Court, which gave it the opportunity to hear the lender’s position. Polisario allegations.
But New Zealand Justice noted that the District Court had no jurisdiction to adjudicate a geopolitical dispute and that the New Zealand Ministry of Foreign Affairs and Trade had recognized that “OCP’s operations in the desert are consistent with the wishes of the community, and benefit the community as required by the Charter of the United Nations.” The Supreme Court also added that NZSF’s investments fully comply with the legal and ethical requirements imposed by New Zealand law and the United Nations Principles for Responsible Investment, as well as its statutory obligation to ensure New Zealand’s reputation.
This is not all. The judge of the Supreme Court did not rule on the status of the lands of the Southern Provinces and merely recalled that the United Nations considers them to be a Non-Self-Governing Territory. The March 15 judgment confirms that New Zealand’s sovereign wealth fund has fulfilled all of its obligations as a responsible actor in managing its investments directly or indirectly related to the Sahara. Thus the Court clearly indicated in its judgment that the New Zealand Sovereign Wealth Fund, through its various investments, fully complied with its legal and ethical policies in this area.
Once again, the action initiated by the separatists is part of a strategy of exploiting local jurisdictions for political and media purposes against the kingdom’s interests. Once again, the Polisario could not avoid another failure.
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