One of the Nordic region’s biggest investors has sold its stake in Palantir Technologies over fears that the US data company’s work for Israel could put the asset manager at risk of violating international humanitarian and human rights law.

Storebrand Asset Management disclosed this week that it has “excluded Palantir Technologies Inc. from our investments because of its sales of products and services to Israel for use in the occupied Palestinian territories.”

The investor, which manages about 1 trillion crowns ($91.53 billion) in assets, held about 262 million crowns ($24 million) in Palantir, a spokesman told Reuters.

A representative for Denver-based Palantir did not immediately respond to a request for comment.

Storebrand said Palantir had not responded to any of its requests for information, first filed in April.

The data analytics firm, co-founded by billionaire Peter Thiel, provides the military with artificial intelligence models.

Earlier this year, it agreed on a strategic partnership to provide Israel with technology to aid in the ongoing war in Gaza.

Palantir has previously defended its work for Israel. CEO Alex Karp said he was proud to have worked with the country following the Hamas attacks last October and told CNBC in March that Palantir had lost employees and expected to lose more because of its public support for Israel .

Storebrand’s exit follows a Norwegian government advisory in March warning companies against engaging in economic or financial activities in Israeli settlements in the Palestinian territories, the asset manager said in its third-quarter investment review published on Wednesday.

The International Court of Justice, the United Nations’ highest court, declared in July that Israel’s occupation of Palestinian territories, including settlements, is illegal.

Israel’s Foreign Ministry rejected that view as “fundamentally wrong” and one-sided and reiterated its position that a political settlement in the region can only be reached through negotiations.

Storebrand said its analysis indicated that Palantir offers products and services “including predictive policing systems based on artificial intelligence” that support Israeli surveillance of Palestinians in the West Bank and Gaza.

Palantir’s systems are supposed to “identify individuals who are likely to launch ‘lone wolf’ terrorist attacks, facilitating their pre-emptive arrest before the strikes they are expected to carry out,” Storebrand said.

He added that according to the United Nations, Israeli authorities have a history of imprisoning Palestinians without charge or trial.

A UN special rapporteur stated in a 2023 report that “the Occupied Palestinian Territory has been transformed as a whole into a constantly monitored open-air prison”.

Israel rejected the UN conclusions.

In September, Reuters reported that Norway’s $1.7 trillion sovereign wealth fund may have to divest shares in companies that violate the fund’s watchdog’s tougher interpretation of ethical standards for businesses that help Israel’s operations in the occupied Palestinian territories.