Första AP-Fonden, Sweden's largest pension fund, has banned investment in Elbit Systems, an Israeli defense electronics company, on ethical grounds, Haaretz reports.

Israeli "security barrier," Bethlehem

The pension fund said it barred the company from its investment portfolio because it "built and operates a surveillance system for the highly controversial Israeli 'security barrier'."  According to the Swedish Wire, the fund explained its decision in a statement:

"The Ethical Council recommended that Elbit Systems Ltd. should be excluded from each portfolio because it deems that the company can be linked to violations of fundamental conventions and norms."

The "security barrier" was already considered dirty business in the fund's ethical council annual report: "The Council has noted that both the European Union and the Swedish government consider the part of the separation barrier being built on West Bank to be illegal under international law. This position is also supported by the advisory opinion from 2004 by the International Court of Justice regarding the separation barrier."

Those critical of the "separation barrier," which some call a wall, say it illegally annexes Palestinian Authority-controlled territory and illegally restricts the movement of people and goods in the West Bank.  Its proponents laud the barrier's part in reducing suicide attacks and bombings.  UN figures say, Israel has completed 256 miles of the planned 435 miles of fence and concrete.

Last September, the Norwegian state pension banned Elbit from its portfolio as well, which prompted the Israeli Foreign ministry protest the decision to Norway's ambassador.


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