Crime & Law

Criminal Assets Bureau urged to seize State’s investments in Israel-linked companies

Formal complaint made to bureau over investments made by State-owned Irish Strategic Investment Fund

Criminal Assets Bureau carried out searches this morning Tuesday the 11th June 2019, at an address in the Coolock area of Dublin 17. The following items of note were seized : VW Golf GTI motorcar Ladies Rolex Watch Computer equipment Mobile phones Documents. This search operation is part of an on-going investigation targeting the proceeds of crime. Today’s operation is significant in the context of the overall investigation. The investigation is primarily related to the purchase of property and expenditure on refurbishment and extensions. A second search is being conducted at a professional office in Dublin. Pic Garda Facebook

While the Irish Government has signalled its intent to divest its interest in some Israel-linked companies, the three entities making the complaint to the Criminal Assets Bureau say any proceeds of the sales should be seized as the proceeds of crime. Photograph: Garda/Facebook

Conor Lally
Thu May 16 2024 - 06:00

A State-owned investment fund is profiting from the proceeds of crimes committed by Israel, while breaches of the criminal law, including money laundering, may also arise, a syndicate of human rights organisations has alleged in a formal statement of complaint to the Criminal Assets Bureau (Cab).

The groups, which have come together to make the complaint, want Cab to investigate, and seize, any monies arising from shares the State-owned Irish Strategic Investment Fund (ISIF) has in 11 companies operating in Israeli settlement areas.

The Global Legal Action Network (GLAN), along with Sadaka – the Ireland Palestine Alliance – and Palestine human rights NGO Al-Haq have jointly made the complaint to Cab.

While the Irish Government has signalled its intent to divest its interest in some of the companies, the three entities making the complaint to Cab say any proceeds of the sales should be seized as the proceeds of crime.

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They also allege that companies, including those based in Ireland, providing professional services relating to ISIF’s investments in the companies may be in breach of criminal law, including around money laundering, over alleged shortcomings in due diligence they carried out.

[ State’s ISIF fund pledges €278m to green investments ]

“This complaint should serve as a warning to investors, banks, lawyers and accountants of the risks stemming from commercial activity in Israel’s illegal settlements, which have long been flagged by governments,” said Gerry Liston, GLAN’s senior lawyer.

“The legal position is simple. Israel’s settlements on occupied Palestinian territory are founded on the commission of war crimes, including the systematic appropriation of Palestinian land. This makes revenue generated by commercial activity in these settlements the proceeds of crime.”

While Cab, which seizes the proceeds of crime and corruption, was expected to review the allegations in the complaint made, it was unclear whether the bureau would launch a full-scale assets confiscation action. A request for comment was made to the Garda.

Last month ISIF said it planned to divest itself of shareholdings in a number of Israeli companies that have activities in the occupied Palestinian territories, citing the “risk profile” of the investments, which are valued at just under €3 million.

Minister for Finance Michael McGrath said at the time that the fund, operated by the National Treasury Management Agency (NTMA), would review other investments in the region to ensure they aligned with its investment parameters and objectives.

[ ISIF invests €65m in Al Gore’s climate fund ]

The decision is related to ISIF’s investments in six companies that have activities in the occupied territories: Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank; Mizrahi Tefahot Bank Ltd; First International Bank and Rami Levi CN Stores.

According to its 2021 annual report, ISIF has investments in nine companies named in the UN Human Rights Council database of businesses involved in certain activities related to Israeli settlements in the occupied Palestinian territory.

Conor Lally

Conor Lally

Conor Lally is Security and Crime Editor of The Irish Times

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