Occupation of Palestine: Altice and Alstom sanctioned by the KLP fund


It took a little over a year, no doubt for technical and practical reasons, but the ax fell: Altice, the Luxembourg holding company of billionaire Patrick Drahi which owns, among others, SFR, and the industrialist Alstom, were sanctioned by the Norwegian pension fund KLP. The latter quite simply withdrew from the two companies.

Activities in Palestine denounced by the UN

It all started in February 2020: the United Nations published a list that did not please Israel: the list of 112 international companies operating in Israeli settlements in Palestine. However, these colonies are considered contrary to international law: any activity in these territories can therefore be frowned upon by concerned and responsible shareholders.

Among these companies, big names: Motorola, accused of having provided monitoring solutions to the Israeli state AirBnb, which offered rental accommodation, or even TripAdvisor and Expedia. But some French companies were also present: Altice, telecoms giant and Alstom, specializing in construction and engineering.

KLP withdraws from Altice, Alstom and others

The Norwegian pension fund KLP, which manages around 80 billion euros in assets, announced on July 5, 2021 that it would continue to withdraw from the affected companies mentioned in the UN list. A relatively minor disengagement, $ 32 million, but symbolic and which brings back the activities of the companies in question in the West Bank.

Altice, according to KLP, would have made it possible to render “ attractive residential areas By offering, like other telecom groups, their services to Israeli settlers. Alstom, for its part, is one of the groups suspected of having participated in the construction of housing. Banks, other operators and even construction groups were also sanctioned by the KLP fund.