The US Investment giant BlackRock has divested from Lev Leviev settlement projects on the West Bank.The divestment follows pressure by three Norwegian banks marketing BlackRock funds. BlackRock was second biggest shareholder in the controversial Israeli firm.
Erik Hagen, writing on Norwatch says,
"When the British Embassy in Tel Aviv was looking for new premises and was offered the opportunity of occupying a building owned by the investment company Africa-Israel Investments, the ambassador refrained.
The reason was that the company was also responsible for settlements on the occupied West Bank. Africa-Israel Investments' main owner is Israeli diamond magnate Lev Leviev."
Now BlackRock has apparently followed in the footsteps of the British ambassador. Hagen continues,
"The bank was for a while the second largest shareholder in the Israeli investment company. Africa-Israel Investments is, among other things, in on the construction of the settlement Ma’aleh Adumim (above). The construction of settlements on occupied Palestinian territory is in conflict with international law.
It was Norwatch who this past spring revealed BlackRock’s investments in the controversial company and how private investors in Norway could invest in the project by means of the fund BlackRock Emerging Europe.
This was possible through Norwegian insurance company Storebrand, Norwegian-Swedish bank Skandiabanken, and the Norwegian-Danish Danica Pensjon.
But after all 3 banks have taken action, the British bank has now announced its divestment from the Israeli company. This must have happened sometime between June and August, possibly as late as this week."
According to the Guardian, BlackRock has combined assets under management of more than 2.7 trillion dollars (£1.64 trillion)
