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Last update - 20:58 12/09/2009
U.S. pension fund giant confirms divestment from Israel firm
By Ora Coren, TheMarker
Tags: Israel News, Africa Israel 

The U.S. pension fund giant, TIAA-CREF, confirmed in statements to the media on Friday that it divested from Africa Israel Investments, owned by Israeli billionaire Lev Leviev, earlier this year.

The statements came in response to a letter initiated by a pro-Palestinian group, Adalah-NY, and signed by TIAA-CREF clients.

The fund's investment in Africa Israel amounted to only $257,000, so the financial effect of the divestment is minimal. The news of the divestment came as the Israeli firm was suffering a deep financial crisis, having recently announced that is unable to meet its liabilities to its bondholders.
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Adalah NY noted in its press release that "Despite the recent divestment from Africa-Israel, the new June 30th TIAA-CREF report indicates that the fund continues to invest clients' money in a number of companies supporting Israeli settlement activity including Israel Discount Bank, Cellcom Israel, Bezeq Israeli Telecommunications Corp, Bank Leumi, and Motorola, among others."

Earlier this month the Norwegian government announced it was pulling all of its investments from Elbit Systems, which manufactures the monitoring system installed on several parts of the West Bank separation fence.

Norwegian Finance Minister Kristin Halvorsen said that the decision was based on the recommendation of her ministry's council. "We do not wish to fund companies that so directly contribute to violations of international
humanitarian law," Halvorsen was quoted as saying, explaining that the separation barrier impinged on the freedom of movement of West Bank residents.


Related articles:
  • Why stop with Elbit?
  • Israel opts for low-key response to Norway divestment
  • How much does Africa Israel really owe you?
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      1.   History, Apartheid, S. Africa 19:54  |  Stephen 12/09/09
      2.   We will now boycott TIAA-CREF 19:59  |  IW 12/09/09
      3.   adalah funded by american jews 20:24  |  sonia 12/09/09
      4.   barrier 20:26  |  michael 12/09/09
      5.   the amount is too small to comment upon 20:26  |  ombudsman 12/09/09
      6.   Good let,s have lot,s more of these actions 20:32  |  Labhras 12/09/09
      7.   $257,000; a mere drop in the bucket? 20:33  |  eric 12/09/09
      8.   I`ll be closing my TIAA-CREF account next week. Two reasons: 20:44  |  American Teacher 12/09/09
      9.   Closing my account will hit TIAA-CREF harder than they hit Israel 20:52  |  Former TIAA-CREF 12/09/09
      10.   PLEASE LOOK AT 21:30  |  TOBI 12/09/09
      11.   eric you are fighting a losing war 21:41  |  harzion 12/09/09
      12.   the amount is a start.... 21:46  |  Joe 12/09/09
      13.   Re#3 21:48  |  Joe 12/09/09
      14.   # 6 22:12  |  Alan 12/09/09
      15.   #5,Labras 22:18  |  Chappaqua neighbor 12/09/09
      16.   TIAA-CREF problems with SEC 22:29  |  bernard ross 12/09/09
      17.   #6 most U.S. companies are apolitical and not left leaning.. 22:34  |  Tom 12/09/09
      18.   I Have My Entire Retirement Fund in TIAA-CREF 22:41  |  Jane 12/09/09
      19.   Small fund ? 22:44  |  kibblets 12/09/09
      20.   FIRST WE TAKE MANHATTAN THEN 22:46  |  Tutu 12/09/09
      21.   One more distrastere 22:46  |  jk 12/09/09
      22.   # 4 ombudsman 22:54  |  Axel 12/09/09
      23.   axel you will act as you wish and we will reply as we wish 23:20  |  ombudsman 12/09/09
      24.   the irish terrorists have started again 23:22  |  dodgypriest 12/09/09
      25.   The cost of building materials for Gaza 23:32  |  ottomatik 12/09/09
      26.   Make a stand 23:44  |  Colin Wright 12/09/09
      27.   12 Jane - Prematurity 00:01  |  Mark of Lewiston 13/09/09
      28.   Paddy Lahabras ,keep to your Guiness,is there anything 00:02  |  Absolute Sweden 13/09/09
      29.   Could it be... 00:12  |  Richard 13/09/09
      30.   iw 1 00:15  |  potobac 13/09/09
      31.   This thread will clearly separate the "rotten apples"..... 00:23  |  Swiss (Dino) 13/09/09
      32.   TIAA-CREF DIVESTMENT 00:27  |  fund manager 13/09/09
      33.   #12 Jane on the profession of Jews 00:53  |  Mark B. 13/09/09
      34.   Well fine 01:50  |  steve from Raleigh 13/09/09
      35.   So find another fish 02:23  |  Mark Lincoln 13/09/09
      36.   TIAA CREF 02:33  |  Carl 13/09/09
      37.   So Invest in Crappy Technology & Funds, it`s your Loss, Fools!! 02:52  |  david 13/09/09
      38.   $20 million to TIAA-CREF 03:32  |  Steve 13/09/09
      39.   #18 Jane, who cares????!!! 04:03  |  janet 13/09/09
      40.   non-sense 04:07  |  idolator 13/09/09
      41.   fund manager, I sent this to President Obama... 04:15  |  BBSNews 13/09/09
      42.   Mark B, good point, and I want to hear how Jane... 04:32  |  BBSNews 13/09/09
      43.   Steve, I`ll also be asking about that "$20 million" 04:53  |  BBSNews 13/09/09
      44.   # 11 to harzion 08:19  |  eric 13/09/09
      45.   UNLIKE BANKS 08:50  |  Mark of Lewiston 13/09/09
      46.   Another divestment hoax? 17:35  |  Jon 14/09/09
      47.   Bad friends, good foes 01:15  |  JJ 04/10/09
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