Three pension funds exit TEMU’s parent company

PensionDanmark, PFA Pension, and Lærernes Pension are divesting millions in shares from PDD Holdings, the parent company of the controversial trading platform Temu, reported by TV2.dk. Previously, the top ten Danish pension companies owned almost 800 million Danish kroner in PDD shares. PFA Pension, with a 211 million kroner investment, and PensionDanmark, with a 149 million kroner investment, plan to sell their shares due to a public debate and criticism of Temu. Lærernes Pension also intends to divest its 111 million kroner shareholding after inquiries by the media. Consumer organizations have criticised Temu for selling products that do not meet European safety standards, and tests by Consumer Council Think show many items contain harmful substances. The Danish Minister for Industry, Morten Bødskov, has called for tighter control on illegal products sold online, while the EU Commission has initiated an investigation into Temu.