here to SIGN
COAT's online PETITION now!
Stop CPP investments in firms selling military, police, spy or prison-related products
This is the online version of
The Angolagate Scandal
In October 2009, when Israeli-Russian business tycoon, Arcadi Gaydamak, was indicted in Tel Aviv for laundering US$170 million through Bank Hapoalim, he fled to Russia. Several of the bankís senior executives were indicted for conspiring with Gaydamak. Later that month, Gaydamak was "found guilty of masterminding [US]$790 million worth of illegal arms trafficking to the Angolan government" during its civil war in the 1990s. The French court sentenced him in absentia to six years in jail. Through "Angolagate," Gaydamak also committed "bribery, tax evasion, fraud and embezzlement." His goal was to secure Angolan oil-drilling rights in exchange for the provision of weapons. When his French trial began in 2008, Gaydamak avoided French authorities by fleeing to Israel.
Funding War Industries
Over the years, Hapoalim has financed large weapons makers like Israel Military Industries (IMI), the countryís largest state-owned weapons manufacturer. In 2004, Israelís business paper, Globes, reported that because of a 1998 loan, IMI was still in debt to Hapoalim for US$110 million. (See "State-owned Israeli War Industries.")
Another Israeli military firm which has benefited from Hapoalimís financing is Aeronautics Defense Systems, which makes unmanned aerial vehicles. In 2010, Hapoalimís investment arm, Poalim Capital Markets, put US$3 million into Aeronautics. Poalimís website lists Aeronautics among its four "principal investments." When reporting on Aeronautics in 2011, the Calcalist, a daily business paper in Israel, reported that "all of the companyís assets, including its production plant and bank accounts are mortgaged to Bank Hapoalim and Bank Discount." (See Discount Investment Corp.) The paper notes that Aeronauticsí "debt to the two banks stands at hundreds of millions of shekels." (Note: There are about 4 shekels in a dollar.)
Aeronautics not only makes numerous unmanned drones for Israelís military, it also conducts military operations. Aeronauticsí website states:
"Making military history as the first civilian company to carry out all-inclusive operational missions for the Israeli Defense Forces (IDF), Aeronautics has been outsourcing its visual intelligence services for field security to the IDF since 2002."
Poalim also invested in PerSay, a spin-off from one of Israelís biggest intelligence-related firms, Verint. (See "Israeli Spy Companies.")
Hapoalim is a principal shareholder and creditor of Gilat Satellite Networks, which serves Israeli military and intelligence agencies.
Hapoalim has also given long-term financing to Enlight, an Israeli company whose "largest project is the installation of 45 PV [photovoltaic] facilities on the roofs of buildings at IDF [Israel Defense Forces] bases." Besides this US$8 million IDF contract, Enlight is also building wind turbines for six villages in the Israeli-occupied Golan Heights.
Financing the Occupation
The "Who Profits from the occupation" database, compiled by Israeliís Coalition of Women for Peace, reveals Hapoalimís complicity in financing the construction of illegal Israeli settlements in occupied Palestinian territories. Hapoalim also provides mortgages to homebuyers in these settlements and gives loans and financial services to their local government authorities. And, the bank has branches in occupied East Jerusalem and the Golan Heights, and benefits from access to the captive Palestinian monetary market.
Hapoalim has loaned to Israeli businesses in the occupied territories, and has financed the Jerusalem light rail project, which connects illegal Israeli settlements with the downtown core.
Mossad Chief on Board
One of Hapoalimís former directors, Nahum Admoni, was the CEO of Mekorot, Israelís National Water Co., which has overseen the plundering of water sources in the occupied territories. Admoni was also a director of the Discount Investment Corp. and Leumi LeíIsrael. (See Leumi in table "CPP Investments.") More significantly, this Hapoalim director was the chief of Israelís foreign intelligence agency, the Mossad, from 1982 to 1989. During his leadership of the Mossad, Israelís intelligence community was scandalized by the arrest of Jonathan Pollard, an Israeli spy in the US, as well as by revelations about Israelís role in the Iran-Contra scandal, and by their kidnapping of Mordechai Vanunu, an Israeli nuclear technician who blew the whistle on Israelís nuclear weapons.
COAT research (published in Issues 66 and 67 of Press for Conversion!) exposes that in 2011 the
CPP owned about $1.5 billion worth of shares in 68 corporations supplying Israel with military, police, surveillance and
To read COAT's research on the first half of
these 68 companies, click the pdf links below
to see the print version of Issue 66. Or, click
each company name for the web version.)
(Articles on the second set of 34 companies
are in Issue #67 of Press for Conversion!):
pdf 3M Co
pdf Amdocs Ltd
pdf Analog Devices Inc
pdf BAE Systems
pdf Bank Hapoalim
pdf Bharat Electronics Ltd
pdf CAE Inc
pdf Carlyle Group
pdf Caterpillar Inc
pdf Cellcom Israel
pdf Cisco Systems
pdf CRH plc
pdf Daewoo Engineering & Construction
pdf Daimler AG
pdf Delek Group
pdf Dell Inc
pdf Discount Investment Corp
pdf Doosan Corp
pdf Eaton Corp
pdf Elbit Systems
pdf EMC Corp
pdf Evraz Group
pdf Fiat Industrial
pdf Fiat SpA
pdf Fujitsu Ltd
pdf Hewlett-Packard Co
pdf Hitachi Ltd
pdf Honeywell International
pdf Hyundai Motor Co
pdf Hyundai Heavy Industries
Additional resources from this issue:
Israeli Spy Companies:
Verint and Narus
State-owned Israeli War
Vertex Venture Capital:
CPP Investments worth $1.5
in 66 companies supporting Israel's military, police, surveillance, prison-industrial complex.
Social Networking - Facebook
Dunís 100 Israelís Largest Enterprises
Ofra Edelman, "Gaydamak to post another $3.5m in bond for
Hapoalim money laundering trial," Haaretz, October 28, 2009.
"Pasqua: Gaydamak was a French agent," Jerusalem Post,
October 29, 2009.
Mukash Iskandirov, "Fertilizer Market In Kazakhstan,"
"IMI owes Bank Hapoalim $110m," Globes, September 6,
Tali Tsipori, "UAV co Aeronautics raises $28m," Globes,
February 6, 2010.
Shay Aspril, "The Leumix method," Calcalist, January
Guy Griml, "Persay finishes raising $2.3 million," The
Marker, February 26, 2007.
Israeli Military is Developing Tactical Mobile VSAT System,
Space News, 2008.
Aviv Levy, "Hapoalim lends Enlight NIS 22m to build PV
facilities," Globes, Feb. 20, 2011.
"Enlight to build wind farms at six Golan villages,"
Globes, August 23, 2011.
"Financing the Israeli Occupation: The Direct Involvement of
Israeli Banks in Illegal Israeli Settlement Activity and Control over the
Palestinian Banking Market," Who Profits from the Occupation, October 2010.