The campaign to #ShutElbitDown is gaining momentum globally, as Palestine Action marks 3 years of challenging Elbit’s factories and business in the UK. In Morocco, activists have sworn to disrupt the recently announced construction of two facilities in that country; and in Canada, Palestine supporters are exposing Scotiabank, now Elbit’s largest foreign investor.

Scotiabank, one of Canada’s five big banks, literally has Palestinian blood on its hands. Their asset fund has invested half a billion dollars (Canadian) in an arms company whose weapons are routinely used to rain death and destruction on Palestinians. There is a clear trajectory from Scotiabank being the largest foreign investor in Elbit to Elbit Hermes drones assassinating Palestinians in Jenin (and elsewhere).

The relationship between Elbit and the Israeli military is so close that Elbit personnel were reportedly part of the operation room of a special drones unit deployed during Israel’s 11-day onslaught against Gaza in May 2021.

There have already been several pickets outside Scotiabank locations in Vancouver and more are planned in other cities. On July 22, solidarity groups in Vancouver held a march and picket to tell Scotiabank they have Palestinian blood on their hands. An action alert writing campaign has sent over 3500 letters to Scotiabank’s asset fund managers demanding they divest from Elbit.

A long-time supporter of Palestinian rights sent the following personal letter to Scotiabank expressing outrage at the complicity with Elbit:

When I was 12 years old, I snuck out of school to be first inline at The Bank of Nova Scotia when they unlocked the doors for opening day. I was given savings account number 12. When I formed my company, I remained loyal to ScotiaBank.

Now I am at a moral dilemma. Israel has been branded an Apartheid country due to its brutal tactics against the Palestinian people, their land, and their resources. When South Africa’s apartheid regime collapsed, the world rejoiced, and no one bragged about past relationships it held prior to the freedom achieved by those living under a terrible occupation and regime. I believe this will happen with Israel.

So, I will ask what are Scotiabank’s future plans with consideration to its ongoing investment with Elbit Systems, a military company receiving revenue from its participation with apartheid?

Activists are not fooled by Scotiabank’s corporate shell game. Some have received responses from Scotiabank alleging they are not involved with Elbit, while confirming that, oh yes, their global asset fund (a wholly owned subsidiary of Scotiabank) is! The campaign has always been clear that the investment in Elbit was from Scotiabank’s 1832 Asset Management Fund, but this false dichotomy of shifting responsibility is a common response from corporations trying to deflect blame.

Scotiabank insists they are simply protecting investors’ interests. This bottom line of what benefits their “investors” is exactly what’s wrong with our society … war is good business, death and destruction of a vulnerable population is good business, continuing chaos and conflict is good business.

Related News

Glasgow’s students stand with Palestine. Why doesn’t the university’s leadership?

No matter the election results, Netanyahu’s two decades in office indict all of 'Israel'

Another response stated: “Scotia Global Asset Management takes very seriously its duty to act in the best interests of the investment funds it manages on behalf of its clients – and believes in offering choice”. There is no valid choice to support war crimes and human rights violations.

Scotiabank has also invested in an Israeli bank that is listed on the updated UN database of companies complicit in supporting illegal settlement activity. The Mizrahi Tefahot bank has appeared on both the original 2020 and the June 30, 2023, updated version under “Business enterprises involved in listed activities”.

July 16th marked the 9th anniversary of the murder of the 4 Bakr boys, Palestinian brothers and cousins all aged 10-11, during the brutal Israeli 2014 aggression. They were playing football on a Gaza beach and the Israeli military thought they were “Hamas terrorists” and slaughtered them. Documents from the Israeli military investigation have shown that one of the boys was most likely killed in the first drone strike, and then a second strike 30 seconds later killed the other three as they were attempting to flee. In several of the testimonies, the same phrase appears: "In the drone live feed, we couldn't tell they were children".

So Palestinian kids, and other civilians, are just collateral damage in this militaristic hi-tech infamy perpetrated by the Israeli military? And governments and multinational corporations like Scotiabank are free to ignore all human rights conventions!

Ronnie Barkan, an Israeli dissident who joined in a Palestine Action protest against an Elbit installation in Bristol, UK in May, 2022, said this:

Elbit is the perfect horrendous example of that, of being the vehicle of oppression and murder of the people of Palestine…we’re doing this so that other Palestinian children do not have to suffer the consequences of these murderous drones flying over Gaza and elsewhere.

From Vancouver to Casablanca, from London to Jenin, from Leicester to Gaza, we will #ShutElbitDown.