Swedish Retirement Fund Boycotts Elbit Israeli Military Systems Company

Tuesday March 30, 2010 18:27

by Saed Bannoura - IMEMC & Agencies

The Israeli Army electronics company “Elbit systems” has been barred by the Första AP-Fonden pension fund, the biggest pensions fund in Sweden. The pensions fund decided to boycott Elbit on Ethical grounds.

The fund said that Elbit systems is involved in the operation of the surveillance system installed on the Annexation Wall in the occupied West Bank.

Israel claims that the Wall managed to significantly reduce the number of suicide bombings, but ignores the fact that it is built deep inside the Palestinian territories, isolating Palestinian farmlands and preventing the farmers from reaching their orchards.

The Wall also totally isolated Palestinian villages and towns, and is leading to the total isolation of the Palestinian Plains, the fruit basket of Palestine, in the Jordan valley area.

The Swedish Pensions fund stated on its Website that the Ethical Council recommended divesting from Elbit Systems due to the company’s involvement in the Annexation Wall.

The Swedish government stated that the Annexation Wall is illegal under International law. The decision is supported by the 2004 advisory ruling of the International Court at the Hague in which the Wall was deemed illegal.

Israel is planning to construct a 709 Kilometer-long (435 miles) Wall, and has already constructed 413 kilometers.

In September of 2009, the State Pension Fund in Norway decided to divest from Elbit Systems, an issue that led to a controversy with Israel.

Israel then decided to summon the ambassador of Norway and protested against the decision.