Barclays sells $3.4m worth of shares in Israeli weapons manufacturer despite pro-Palestinian "allegations" of bank's involvement in genocide
By bellecarter // 2024-11-05
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Following massive pro-Palestinian pressure, the London-based banking giant Barclays has sold all of its investment shareholdings in Israel's weapons company Elbit Systems Ltd, according to the bank's latest filing with the U.S. Securities and Exchange Commission (SEC). It did not disclose the reason for the sale. As per the regulatory filing, all its holdings – 16,345 shares worth more than $3.4 million – have been divested in the company which has been lambasted by activists for its role in supplying the Israeli military the nation's genocidal operations in the Palestinian territories. The move came after a nearly year-long campaign by activist groups for the bank to end its involvement with Elbit. "The most recent SEC filings and NASDAQ data record an immediate total sale of Barclays' ELST shares, abruptly sold just when Palestine Action's campaign hit them hardest," Palestine Action, a British activist group that has been protesting against the bank's investments in Israel, said. The group also disclosed that Barclays has, until recently, owned over 16,000 shares in the weapons company. However, a Barclays spokesperson denied that the company has been a shareholder in Elbit. "Barclays trades in shares of listed companies in response to client instruction or demand and that may result in us holding shares," the spokesperson told the Middle East Eye. "We are not making investments for Barclays and Barclays is not a 'shareholder' or 'investor' in Elbit Systems in that sense, and therefore cannot divest; it would be misleading to suggest otherwise." He claimed that Barclays continues to provide a range of financial services to the defense sector, including U.S., U.K. and European defense companies. According to reports, a lot of activist group members who targeted the bank have been arrested. But a Palestine Action spokesperson said that they will remain committed and focused on the task at hand and target any institutions and businesses that enable Israel's biggest weapons firm to maintain their genocidal operations. "That means, if Barclays does reinvest into Elbit Systems in the future, Palestine Action will come knocking again," the group spokesperson said. (Related: British banks are now closing the accounts of clients they don’t politically agree with.) During the past year, the group has already undertaken 54 protest actions across the U.K. against Barclays, including smashing windows of the bank's branches and spraying them in red paint. The group has "adopted radical direct-action tactics which include sabotage of key infrastructure to physically prevent continued support for destructive and lethal business operations." In May, several Palestinian solidarity organizations published a report saying that Barclays has £2 billion (around $2.6 billion) of investments in companies involved in supplying arms to Israel. The list of firms in which the financial giant is reported to have interests includes General Dynamics, a U.S. arms firm that produces components for warplanes. Other firms include BAE Systems and Raytheon.

Citizen activism works: Palestine Action celebrates victory of Barclays divestment

Social media platforms are now flooded with support for Palestine Action's persistent efforts to pressure Barclay into divesting. "Don't let anyone tell you citizen activism doesn't work. Finally. After years of pro-Palestine citizen activism, Barclays has sold all its shares in Israeli company Elbit Systems," handle PalBint wrote on X, formerly Twitter. Another user tweeted: "McDonald's losing sales, Barclays divesting from Elbit systems… who says protesting & boycotts don't work?" "After a full year of action, Palestine Action forces Barclays to sell all of its investments in Israeli weapons manufacturer Elbit Systems. This is incredible news. Well done to all involved!" wrote another user under the handle ecomarxi. Meanwhile, this boosted the confidence of pro-Palestine activists, saying "scare tactics won't intimidate them anymore." In the past, numerous activists associated with the campaign have faced arrest during protests against Elbit or its partners. Francesca Nadin, 38, has been on remand since June 27 and is currently imprisoned in His Majesty's Prison (HMP) New Hall, as she faces charges of "conspiracy to commit criminal damage" following her alleged involvement in actions targeting Barclays and JP Morgan banks in Leeds. She said a judge openly admitted to using her case as an example to deter others from similar actions, but Francesca believes that this only serves as motivation to keep fighting for justice. "One judge even admitted he had to make an example of us – to humiliate and intimidate us – to scare others from taking similar action," she stated. "But we won't be discouraged. This is proof we're hitting them where it hurts. They punish us because they're scared." She added that with everything that has happened, she no longer fears the police, the judges or their "absurd interpretation of the law." "Inside or outside prison, I will keep fighting, and so will all of us, fearless, united, with justice and love in our hearts," she concluded. Genocide.news has more stories about the chaos in the Middle East.

Sources for this article include:

MiddleEastEye.net PressTV.ir
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