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

Daewoo Engineering & Construction Canada
in 2011

$3 million

This is the online version of
Profiting from Israeli Apartheid:
Canada Pension Plan (CPP) Investments in Corporations Supporting Israel’s Military-, Police-, Surveillance-, Prison-Industrial Complex (Part 1)"
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Before the Asian Financial Crisis of 1998, Daewoo Group was South Korea’s second largest conglomerate. When Daewoo’s chairman masterminded an accounting fraud worth US$43.4 billion and "borrowed" US$10.3 billion in 1999, the company went bankrupt and was dismantled by the government.

But even after all this, Daewoo Engineering & Construction (DEC) which spun off from the Daewoo Group in 2000 is still one of South Korea’s largest construction firms.

Daewoo, which means "Great Universe," created a fine motto to rebuild its image: "Creating Better Human Life." But not everyone sees Daewoo so positively. To some, Daewoo means destruction and inhumanity. For example, in 2005, staff and volunteers with the Israeli Committee Against House Demolitions watched as a "Daewoo bulldozer systematically demolished" two Palestinian homes, leaving piles of rubble and homeless families in its wake. These buildings, in the occupied West Bank town of Anata, are among the 26,000+ Palestinian homes demolished by Israel since 1967.

Nick Dearden, with the British group War on Want, reported that he "saw Volvo, Daewoo and JCB bulldozers or cranes being used, on a contractual basis, in the construction of the Separation Wall." The group’s 2006 report, "Profiting from the Occupation," said Daewoo "bulldozers are being used by the Israeli army to destroy Palestinian homes, schools, orchards and olive groves, and their machines are building Israel’s illegal Separation Wall."

The "Who Profits from the occupation" database says Daewoo power generators are distributed by Israel’s Orcal Industries and Mechanization, which supplies generators "installed in the Atarot military checkpoint in the occupied West Bank."

The Interfaith Peace Initiative’s online report, "Companies that Profit from the Israeli Occupation of Palestinian Land," quotes a member of a UK group called The Olive Project: "Daewoo has no business selling equipment to someone who will use it for criminal purposes. Daewoo has [been] made aware of the use of its equipment."



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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Daewoo Engineering & Construction Co., Ltd.

Daewoo Engineering Company

"The Miserable Occupation on a Miserable Morning," The Occupation, Nov. 21, 2005.

Nick Dearden, "Profiting from the Occupation," ZNet, July 10, 2006.

Orcal Industries and Mechanization

"Profiting from the Occupation: Corporate complicity in Israel’s crimes against the Palestinian people," War on Want, July 2006.