Norwegian investment company Storebrand has sold all its shares in American technology giant IBM. Storebrand cited IBM’s activities in illegal Israeli settlements in Palestine as the reason for the sale.

The company said in a statement that it closely monitors the companies it invests in and whether they align with Storebrand’s values.

Stig-Øyvind Blystad, Storebrand’s communications manager, said the company had tried to talk to IBM about the issue but had not received a response.

Storebrand is Norway’s second-largest asset management company.