2 Danish pension funds divest from Israeli companies

Published today (updated) 27/01/2010 14:47

 Bethlehem - Ma'an -

Two Danish pension funds announced on Tuesday their decision to divest from two Israeli companies implicated in the construction of Israel's illegal Land-Grab, Apartheid Wall and settlements inside the West Bank, a statement issued by the Stop the Wall Campaign said.

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.

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., 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," Stop the Wall wrote.

"The ICJ [International Court of Justice, the Hague] stated that the barrier only serves military purposes and violates Palestinian human rights. Therefore we have looked at whether companies produce custom-designed products to the wall and thus has a particular involvement in repressive activities. 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, in the statement.

Danish Companies To Divest From Israel

Wednesday January 27, 2010 02:16 by Saed Bannoura - IMEMC News & Agencies

The Danske and Pensioner Bank (PKA) have decided to withdraw all investments from two Israeli companies, Elbit and Magal Security Systems, for their role in constructing the annexation wall in the occupied West Bank.

The decision came after human rights groups and boycott campaigns declared the wall to be in violation of an advisory ruling made by the Hague International Court.



The two Danish banks also decided to divest from Africa-Israel Company, owned by Jewish billionaire Lev Leviev, for its role in financing the construction of settlements and the wall.



Elbit Systems provide Israel with surveillance equipment installed atop the annexation wall while Africa-Israel invests in settlement construction within the occupied West Bank.



The Pensioners Bank also decided to withdraw investments from American Detection Systems for their role in the wall's construction.



These decisions were made as Israel declared it's intent to begin new construction of the wall on Palestinian lands west of Ramallah. This new section will annex more Palestinian land in order to expand the illegal settlement of Illit.