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Stop CPP investments in firms selling military, police, spy or prison-related
products to Israel

in 2011

$1 million

This is the online version of
Profiting from Israeli Apartheid:
Canada Pension Plan (CPP) Investments in Corporations Supporting Israelís Military-, Police-, Surveillance-, Prison-Industrial Complex (Part 1)"
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One of Israelís largest holding companies, DIC was created in 1961 as an investment vehicle for the Recanati family, who then owned the Israel Discount Bank (IDB). (See IDB in table "CPP Investments.") The IDB and other Recanati-family businesses were controlled by an umbrella company called the IDB Holding Corp. In 2002, the Recanati family sold these investments to a group of investors led by Israeli billionaire Nochi Danker, who now controls DIC.

When describing its "major investments" in 15 Israeli firms, DIC says it "is active" in their "direction and management." DICís holdings include:

l Nesher Israel Cement Industries (75%): It supplies building materials for Israelís separation wall, and various Israeli infrastructure projects in the occupied territories. The other 25% is owned by CRH plc.

l Expand Networks: Its products increase data-transfer efficiencies for large computer networks. Its customers include NATO and all branches of the US armed forces.

l Elron Electronic Industries (48.7%): Elron partnered with Israeli arms maker Rafael, to form the Rafael Development Corp. (RDC). (See Rafael in "State-owned Israeli War Industries.") Elron owns 50.1% of RDC while the rest is owned by Rafael. Through this "Strategic Alliance" with Rafael, Elron say it "initiates and develops new companies, leveraging its exclusive access to the military technologies of Rafael." (Elron partnered with Israelís military in 1966 to create Elbit, the countryís top-ranking war industry.) Elronís VP since 2005, retired Brigadier General Yair Cohen, led special unit 8200, Israelís central military intelligence unit. (See "Israeli Spy Companies.")

l Ham-Let Advanced Control Technology (60%): This leading international producer of instrumentation valves and fittings, supplies many industrial sectors, including the military.

l Cellcom (46.8%): This company is a leading supplier of cell phone services to Israelís military.

l Makhteshim Agan Industries (MAI): This DIC subsidiary produces agricultural chemicals and "additives for explosives." Its directors include Ephraim Halevy, who began working for Israelís foreign intelligence agency, the Mossad, in 1961. He led the Mossad (1998-2002), before heading Israelís National Security Council (2002-2003). MAIís board also includes Dani Harari, a retired Brigadier General with 32 years in Israelís military.

The online database "Who Profits from the occupation" lists six DIC holdings and says they are complicit in the following categories of complicity in Israelís occupation of Palestine:

(1) Services to settlements: This includes discriminatory services provided solely to the occupants of Israeli settlements, and not to Palestinians.

(2) Israeli Construction on Occupied Land: Israeli housing and infrastructure annex land and resources to Israel, and cut off Palestinians from the same.

(3) Palestinian Captive Market: Providing goods/services to Palestinians at high costs, and exploiting Israelís restrictions on Palestinians who cannot purchase them at competitive prices.

(4) Settlementsí Products: Some Israeli settlements in the occupied territories have businesses, factories or farms that sell products in Israel and/or abroad.

Here are the six DIC holdings cited in "Who Profits." The numbers in parentheses indicate involvement in the above-listed categories of complicity:

l Cellcom (1,2,3)

l Property & Building Corp. (1,4)

l Koor Industries (4)

l Makhteshim Agan Ind. (4)

l Maxima Air-Separation (4)

l Shufersal (4)

DICís links to the world of Israelís military and intelligence are revealed not only in the companies it controls, but in the company it keeps. Nochi Dankner, DICís chairman and major shareholder, is a "Major (res.) in the Israel Air Force." And, Nahum Admoni, DICís external director (1999-2004), was the chief of Israelís secret intelligence agency, the Mossad, between 1982 and 1989. Admoni also served as a director of Banks Hapoalim and Leumi LeíIsrael. (See Leumi in table "CPP Investments.")



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 prison-related products.

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
Amdocs Ltd
pdf  Analog Devices Inc

pdf  AT&T
pdf  BAE Systems
pdf  Bank Hapoalim
pdf  Bezeq
pdf  Bharat Electronics Ltd
pdf  CAE Inc
pdf  Carlyle Group
pdf  Caterpillar Inc
pdf  Cellcom Israel
pdf  Cemex
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  Finmeccanica
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 Industries:
, IMI and Rafael

Vertex Venture Capital:
Investing in Israeli High-Tech Companies

Table listing CPP Investments


Table listing CPP Investments worth $1.5 billion in 66 companies supporting Israel's military, police, surveillance, prison-industrial complex.

Table listing additional investments totalling $4.5 billion by six large Canadian pension funds (including CPP) in the 66 companies researched by COAT.

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Discount Investment Corporation, Wikipedia

DIC Holdings

About DIC

Amiram Barkat, "Nesher in talks to sell surplus electricity to IEC," Globes, June 28, 2010.

"A cell-phone holder in every tank," Globes, April 11, 2002.

Customers / Government

A Strategic Alliance - Elron and Rafael

Ham-Let Advanced Control Technology

Makhteshim-Agan Industries Ltd.

Ephraim Halevy

Global Leadership Group

"Who Profits from the occupation"

Nochi Dankner

Nahum Admoni