Visit COAT's website

Click here
COAT's online PETITION now!

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

in 2011

$53 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)"
(Here's a coupon to subscribe, renew, order copies or make a donation to COAT.  To pay online, use the "Transfer Funds" button at the COAT homepage.)

Take action!
Find out what you can do to help this campaign.

To most, Hyundai which means "modernity" in Korean probably conjures up images of fuel-efficient compact cars. Indeed, one of the company’s main divisions, the Hyundai Motor Co. (HMC), is the world’s fourth largest car manufacturer.

But an HMC subsidiary originally called Koros churns out fuel-guzzling battle tanks, armoured troop carriers and tank-gunnery trainers. Koros, which made trains, is an acronym for Korea Rolling Stock. However, in Japanese, the word korosu means "to kill." Although this was quite apt, the Koros name was changed to Rotem in 2002.

In 1997, Hyundai defied the Arab boycott and set up an Israeli R&D centre. HMC cars are now Israel’s most popular, surpassing competitors Mazda and Mitsubishi. (See table "CPP Investments.")

Because HMC has received lucrative contracts from Israel’s military, it is obliged to reciprocate with investments in the country. The government’s Industrial Cooperation Authority said:

"HMC is committed to about $16 million worth of Industrial Cooperation activities to be carried out with Israel’s high-tech and automotive industries. The commitment stems, among others from the sale of Hyundai vehicles to Israel’s Ministry of Defense, and the Government Vehicle Administration, which totalled since 2004 up to 2010, 8,000 vehicles."

Israel’s Globes newspaper reported on two large 2010 contracts won by HMC to supply vehicles to officers of the Israel Defense Forces (IDF). These deals totalled between US$28 and $33 million. Globes noted that

"most leased cars that will be supplied to IDF lieutenant colonels about 3,000 cars are Hyundai Accents, manufactured at the...Izmit plant in western Turkey. The pretax value of the export of these cars to Israel is estimated at $22-25 million."

The other tender was to "lease cars to IDF majors...through Hyundai Motors Israel Ltd., with its I20 model," which are also made in Turkey. Globes estimated that the "value of the I20s that will be exported to Israel for delivery to the IDF is [US]$6-8 million."

In 2006, Globes reported that in "the first stage of a military contract" the IDF received "hundreds of Hyundai Getz and Mitsubishi Lancers." (See Mitsubishi 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.

Social Networking - Facebook
Stir things up with friends by joining our Facebook group:
"Stop Canada Pension Plan Investments in Israeli Apartheid"


Main Products

Hyundai Rotem


"Hyundai to Open Research and Development Center in Israel," Globes, August 28 , 1997.

Daniel Schmil, "Hyundai pulls ahead of Mazda as No. 1 car," Haaretz Daily, May 4, 2011.

"Hyundai should make reciprocal procurements in Israel," March 2, 2005.

News, Hyundai,frameless.htm

Dubi Ben-Gedalyahu, "IDF officers leasing deal worth $30m to Turkey," Globes, June 23, 2010.

"Colmobil benefits from IDF deliveries in January," Globes, February 2, 2006.