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Protesters against Israeli presence in the Palestinian territories marching in Tel Aviv on Saturday. (AP)
Last update - 00:00 03/12/2006
Dutch bank divests holdings in J'lem light rail, cites settlements
By Meron Rapoport

A Dutch bank has decided to divest itself of its holdings in a French company that is participating in building Jerusalem's light rail system, on the grounds that the project "is not in line with the United Nation's demand to stop all support for Israel's settlement activities."

Work recently began on the railway's first line, which will run from Neveh Ya'akov to Mount Herzl, passing through parts of the city that Israel annexed in 1967 on its way.

ASN, the Dutch bank, holds shares in the French firm, Veolia, whose subsidiary Connex Israel holds about 5 percent of the CityPass consortium. CityPass won the NIS 2 billion tender to build the line.
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ASN is a medium-sized bank, with 250,000 customers, deposits totaling two billion euros and investments totaling 900 million euros in 2005. It also considers itself an "ethical bank," and is therefore committed to investing only in projects that do not infringe on human or animal rights or harm the environment.

In May 2006, human rights organizations wrote to ASN claiming that Veolia's work on the light rail project violated international law, because part of the railway will pass through "occupied territory" in East Jerusalem. The Palestinian Authority also wrote to ASN, claiming that the railway's construction would have "devastating effects" on Palestinians living in East Jerusalem, as it would connect the "illegal settlements" of Pisgat Ze'ev and Neveh Ya'akov (two Jerusalem neighborhoods) with downtown Jerusalem, and thereby sever East Jerusalem from the West Bank.

Both the bank and the human rights groups therefore urged Veolia to end its involvement in the project, and the organizations claim that PA Chairman Mahmoud Abbas also raised the matter with French President Jacques Chirac. Veolia replied that it is looking into the matter, "but meanwhile, ASN Bank's criteria are not met by that answer," the bank said. As a result, it decided last week to sell its shares in Veolia.

Bank officials told Haaretz that UN resolutions on Jerusalem were the reason for this decision.

The human rights groups are now urging the bank to divest from an Irish construction company that has partnered with an Israeli firm to make concrete used in building the separation fence. ASN told Haaretz it is examining all investments involving Israel and the territories, "as we do for every other region in the world continuously."

Micha Avisar, CEO of Connex Israel, said he could neither confirm nor deny the report. The Light Rail Administration, which is jointly run by the Transportation Ministry and the Jerusalem Municipality, said that this was an internal CityPass affair, but stressed the project is meant to serve all the city's residents, Jewish and Arab alike.
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  1.   Divestment 08:49  |  Dov 03/12/06
  2.   Does it do business with Arab despots(with tongue hanging out) 08:52  |  PETER SM 03/12/06
  3.   Do not allow bank to do business in Israel and boycott dutch comp 09:44  |  B. Moskowitz 03/12/06
  4.   The right thing to do 10:08  |  dana 03/12/06
  5.   Dana .What a brilliant selective humanitarian! 10:21  |  PETER SM 03/12/06
  6.   i have never heard of the silly bank 10:24  |  sow and reap 03/12/06
  7.   BDS: Boycott Divestment Sanctions 10:25  |  Sami 03/12/06
  8.   saudi arabia put its executioner on tv 10:30  |  geagea 03/12/06
  9.   IS MUBARAK`S EGYPT ALSO BOYCOTTED 10:33  |  SPHINX 03/12/06
  10.   Screw the dutch 10:34  |  stifffler 03/12/06
  11.   WHAT IS THE HISTORY OF THIS DUTCH BANK 10:35  |  SPHINX 03/12/06
  12.   saudi executioner 10:59  |  geagea 03/12/06
  13.   i wonder if the bank from holland 11:05  |  adele 03/12/06
  14.   HOLD ON TO VE SHARES 11:07  |  MB 03/12/06
  15.   of course the holland bank may do business 11:16  |  adele 03/12/06
  16.   Israel is still part of our `internal news` 11:16  |  roy 03/12/06
  17.   Congratulations ! 11:16  |  Swiss (Dino) 03/12/06
  18.   Let´s hope Wall Street heard this story 11:31  |  Chris 03/12/06
  19.   WITH OUR HANDS 12:10  |  leila perez 03/12/06
  20.   BLESS THAT BANK!!!! THEY ARE OF MORAL FIBER!! 12:15  |  Nick W 03/12/06
  21.   RINKY DINK BANK- NO ASSETS. 12:28  |  dale 03/12/06
  22.   Dutch Bank. 12:33  |  David Nigel Braham 03/12/06
  23.   Which bank??? 12:34  |  Dave 03/12/06
  24.   goldman sachs and lehman will not be pleased 12:39  |  rothschild 03/12/06
  25.   others will not be pleased 12:40  |  lazards 03/12/06
  26.   So please tell me where I can invest all my money in Israel? 12:43  |  Patricia (non-Jew) 03/12/06
  27.   nick the greek from minneapolis 12:43  |  kkr 03/12/06
  28.   # Peter, my support for Dana 12:47  |  Nick Ferriman 03/12/06
  29.   Proud to be Dutch 13:05  |  Mark B. 03/12/06
  30.   shame on them, but this should be my biggest worry 13:06  |  Cipora Julianna Kohn 03/12/06
  31.   Happy Dutch citizen 13:22  |  joop 03/12/06
  32.   @23, think logically please 13:50  |  viper 03/12/06
  33.   ted 14:00  |  just the beginning 03/12/06
  34.   ASN bank 14:06  |  charles 03/12/06
  35.   To Charles 14:20  |  Mark B. 03/12/06
  36.   #31 What occupied teritories?+- 14:42  |  Avi Yerushalmi 03/12/06
  37.   Connex hold a large share in the British Railway system 14:49  |  Chris Linthwaite 03/12/06
  38.   ASN: private with 3.5 B euros in assets 15:03  |  Virginia 03/12/06
  39.   Information about the ASN-bank 15:22  |  E. 03/12/06
  40.   #21 Rinky dink bank 15:28  |  Chris 03/12/06
  41.   Survey: Negative for investment in Israel 15:31  |  Virginia 03/12/06
  42.   Europa Europa 15:42  |  Mike 03/12/06
  43.   lord joop of sebrenicia and afghanistan 15:44  |  doubledutch 03/12/06
  44.   mark 15:44  |  charles 03/12/06
  45.   #37 CHRIS SHOWS ASENSE OF HUMOUR 15:58  |  paul harris 03/12/06
  46.   #37 CHRIS SHOWS ASENSE OF HUMOUR 15:58  |  paul harris 03/12/06
  47.   #38 virginia amazes me STOLEN LAND SHE SAYS 16:01  |  paul harris 03/12/06
  48.   OIL MONEY SPEAKS AGAIN 16:12  |  Sam Weinstein 03/12/06
  49.   #41 Virginia 16:27  |  Chris 03/12/06
  50.   divestment in Israel 16:31  |  margaret 03/12/06
  51.   sorry, correctin in divestment in Israel 16:33  |  margaret 03/12/06
  52.   #46 and #47 Paul Harris 16:52  |  Chris Linthwaite 03/12/06
  53.   Hollands Jews and Christians: withdraw deposits 16:59  |  Josef 03/12/06
  54.   who own interest in bank 17:07  |  tobia 03/12/06
  55.   DUTCH BANK AND ALL PRO-ARAB BANKS OUT OF OUR WEST BANK)))) 17:09  |  VOICE of MOSHIACH))) 03/12/06
  56.   To Charles 17:14  |  Mark B. 03/12/06
  57.   Bellwether Holland 17:26  |  Tosefta 03/12/06
  58.   I boycott all companies and countries that dont trade with Israel 17:29  |  David 03/12/06
  59.   Did I read right? 17:35  |  Ron 03/12/06
  60.   Blame the BANK, not the Country! 18:06  |  Heleen 03/12/06
  61.   To Mart B 18:07  |  charles 03/12/06
  62.   joop 18:10  |  Danite 03/12/06
  63.   geagea and beheading 18:21  |  dubious 03/12/06
  64.   adele re torture 18:23  |  dubious 03/12/06
  65.   #15 No it`s Not buy a Hybrid 18:32  |  Sam Weinstein 03/12/06
  66.   Proud 18:47  |  JJ 03/12/06
  67.   #52 CHRIS LIKES EGG ALL OVER HIS FACE !! 19:27  |  paul harris 03/12/06
  68.   #58 David 19:29  |  Chris Linthwaite 03/12/06
  69.   Sphinx - you`re sooo smart 19:39  |  Jeroen de Jager 03/12/06
  70.   The dutch covered up their own role in the 19:39  |  British academic 03/12/06
  71.   David, which terrorists are you talking about? 20:04  |  David James Vickery 03/12/06
  72.   Neve Yaakov 20:20  |  Charles Lebow 03/12/06
  73.   Heleen is right do not blame Holland 20:21  |  CM 03/12/06
  74.   Since the light rail is heavily subsidized 20:39  |  Ilan 03/12/06
  75.   true story 20:44  |  margaret 03/12/06
  76.   This bank is seriously exposed to the political trends 20:49  |  Gary 03/12/06
  77.   Rothschild - you should be able to cover the loss! 20:59  |  Lebanese admirer 03/12/06
  78.   Charles - No 72. Neve Yaacov 21:06  |  Lebanese admirer 03/12/06
  79.   I`ve never heard about this Bank. 21:07  |  Gary 03/12/06
  80.   Margaret..thats funny 21:17  |  British academic 03/12/06
  81.   The Thin Edge Of The Wedge? 21:22  |  chet 03/12/06
  82.   Note.! so called supporters of "principles"begin &end here. 21:23  |  PETER SM 03/12/06
  83.   DJ VICKERY.Terrorists?Kill Atheists,Buddhists,Christians,Hindus- 21:28  |  PETER SM 03/12/06
  84.   Good old Communist party of Israel 21:29  |  Bruce 03/12/06
  85.   CHECK YOUR FACTS DAVID JAMES VICKERY 21:45  |  TOBIA 03/12/06
  86.   what about rwanda 22:00  |  ron 03/12/06
  87.   Dutch Bank Divestment 22:27  |  David Richmand 03/12/06
  88.   Dutch Bank etc..... 22:49  |  Michael 03/12/06
  89.   well, for every action there`s an equal and opposite reaction 23:05  |  Vitaliy 03/12/06
  90.   Well done 23:17  |  Aaron Levitt 03/12/06
  91.   Boycott... 23:45  |  Maureen Ann 03/12/06
  92.   very encouraging 23:55  |  leopold 03/12/06
  93.   Joseph in Finland - Send in deposits 00:25  |  dana 04/12/06
  94.   leopold, Israel has the chance to show that she understood. 01:02  |  Bruce 04/12/06
  95.   @32 01:03  |  Dave 04/12/06
  96.   Boycott... 01:04  |  Bruce 04/12/06
  97.   Roy, you mean, Israel should become a European puppet 01:06  |  Jake 04/12/06
  98.   Boycotting 01:17  |  Guy From NYC 04/12/06
  99.   What about a massive protest in front of VEOLIA in Paris ? 01:22  |  Yankelowitz 04/12/06
  100.   ASN is a marginal bank in the Netherlands 01:26  |  Paul Henzen 04/12/06
  101.   Flood Veolia with protest 01:34  |  Yankelowitz 04/12/06
  102.   Dutch bank 01:37  |  rafiq 04/12/06
  103.   How can Israelis deal with antisemitic frogs ? :-0) 01:45  |  Yankelowitz 04/12/06
  104.   good for them 02:45  |  peacelover 04/12/06
  105.   Forget about ASN 02:48  |  Dave 04/12/06
  106.   lovely picture 02:59  |  Pssd Off American 04/12/06
  107.   Fort Bragg Ca.???? 03:10  |  John 04/12/06
  108.   Guy From NYC from a Guy From a nearby NJ 04:44  |  Bruce 04/12/06
  109.   Dutch bank diverts holdings in J`lem light rail 06:17  |  nina 04/12/06
  110.   is ASN Bank short for: Anti Semite Netherlands Bank ? 06:43  |  bukra fil mishmish 04/12/06
  111.   # 11 The history of the bank doesn`t matter... 07:04  |  Eric 04/12/06
  112.   Europe is dying 07:05  |  lulu 04/12/06
  113.   The die has been cast...and many more to come 07:10  |  Eric 04/12/06
  114.   # 48 Not oil money speaking again; not at all... 07:20  |  Eric 04/12/06
  115.   snoozzz, Margarat in NY, must learn finance 07:52  |  Jacob Blues 04/12/06
  116.   Eric from NM - you may keep investing in your hot air baloons :-) 08:34  |  bukra fil mishmish 04/12/06
  117.   To Laila Perez 09:45  |  Big 04/12/06
  118.   Occupied territories 10:15  |  Big 04/12/06
  119.   Thanks ASN! 12:01  |  John 04/12/06
  120.   diversting in THE OCCUPATION 14:10  |  Ernst 04/12/06
  121.   To David Richmand 15:21  |  Big 04/12/06
  122.   Final touch 17:15  |  Hilde 04/12/06
  123.   The World is Flat, Guy from NYC 18:27  |  Jacob Blues 04/12/06
  124.   divestment from J`lem light rail 11:18  |  Pat Bryden 09/12/06
  125.   Gary never heard of this bank 11:56  |  petra 17/04/09
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