More big investors dump Israeli settlement profiteers

Investing in firms involved in Israel’s illegal West Bank settlements presents an “unacceptable risk” of contributing to violations of Palestinian rights, says Norway’s KLP. (photo: Ahmad Al-Bazz / ActiveStills)
Norways largest pension company KLP takes action that highlights the negative impact of the settlements on Palestinians.

By Adri Nieuwhof | The Electronic Intifada | July 8, 2021

“Investors should not be profiting from human rights violations like the illegal confiscation and settlement of Palestinian land,”
— Christy Hoffman, general secretary of UNI Global Union

Norway’s largest pension fund KLP excluded 16 companies from its holdings over their links to Israeli settlements in the occupied West Bank.

The pension fund dumped the settlement profiteers because there is “an unacceptable risk” that they will contribute to human rights violations.

The divestment is particularly significant not just because of its scale but also because KLP drew on the UN’s database of companies involved with Israel’s settlements.

KLP said it sold assets worth more than $31 million in the excluded companies.

The firms include Israel’s biggest banks, telecoms companies Bezeq, Cellcom Israel and Partner Communications and several construction firms.

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