UPDATED 3.46PM:

It's been revealed one of the collective investment companies ACC uses purchased shares in US weapons and munitions manufacturer Lockheed Martin in July last year.

Amnesty International said it is deeply disturbing to know KiwiSaver funds have been funding unethical weapons.

The organisation has laid a complaint with Police over the matter, believing that several fund managers invested in nuclear bombs, cluster bombs and landmines.

Chief Executive Grant Bayldon said they expect police to investigate and decide whether to lay charges.

"We believe serious crimes may have been committed in New Zealand by KiwiSaver fund managers."

The Accident Compensation Corporation denies directly investing money in weapons and munitions, saying it's committed to ethical investments.

Green Party finance spokesperson Julie Anne Genter said the problems stem from lack of leadership.

"It's technically illegal and also contradicts ACC's own ethical investment guidelines. Under this national governments leadership, it seems like there's been quite a bit of complacency in government directed funds."

Lockheed Martin is on ACC's direct investment exclusion list.

ACC said it identified the issue in December and took action to see the shares were sold. 

The shares were purchased by Orbis Investment Management.

ACC said Orbis has agreed to set up a separate pooled fund that is consistent with ACC's Ethical Investment Policy.