Tuesday, January 26, 2010

Another Danish fund divests from Elbit systems!

Yesterday we reported that Dankse Bank has decided to exclude Elbit Systems and Africa Israel from its investment portfolio due to the companies' involvement in the Israeli occupation. Now there's more good news--one of the largest Danish pension funds has divested from Elbit as well as two U.S. companies that are involved with Israel's Apartheid Wall. Note that Elbit also has half of the contract on the Wall being built by the United States government on the Mexico border. Here's an excerpt from a press release issued by our allies at Stop the Wall:
"Danish Bank (Danske Bank), the biggest financial group in Denmark, has excluded Elbit Systems and Africa Israel from its investment portfolio because of their involvement in providing equipment for the Wall and in settlement construction. The Danish Bank is normally not quick to divest as its list of excluded companies has now risen to only 24 companies around the globe. However, Thomas H. Kjaergaard, responsible for socially responsible investment in the Danish Bank Group commented: "We handle clients 'interests, and we do not want to put customers' money in companies that violate international standards." PKA Ltd. (in Danish: Pensionskassernes Administration A/S), one of the largest funds administrating workers’ pension funds in Denmark, announced it would no longer consider investments in Elbit Systems, and US companies Megal Security Systems and Detection Systems. All three are supplying equipment for the Wall. PKA has sold shares in Elbit worth almost one million dollars. "The ICJ stated that the barrier only serves military purposes and violates Palestinian human rights. We cannot rule out the inclusion of other companies in our blacklist for their role in this area,” said Michael Nellemann, investment director of PKA. These decisions come in the wake of media pressure in Berlingske Tidende exposing the investments in companies investing in the settlements and aiding and supplying the construction of the Wall. The Norwegian government initiated the recent surge in divestments from the illegal wall announcing last September their decision to cut ties with Elbit systems."
Boycott, divestment, and sanctions campaigns are really taking off in Europe--and the movement is gaining strength here in the United States, too. Click here to get involved!