What’s the scam with war profiteering, with the Future Fund investing in Israeli defence contractor Elbit Systems? The scam is they are making a killing, literally.
Elbit Systems’ share price has gone up. The Future Fund has made a profit on its investment in Elbit Systems. Elbit supplies the IDF with bombs to kill civilians in Gaza. Death toll is now more than 20,000, almost half of which are children. The beneficiaries of the Future Fund are retired and existing politicians and public servants. Ergo they are benefitting from war crimes.
We put questions to the Future Fund following revelations here about the Elbit stake. They did not say when they bought the shares but the following suggests it was this year. Here is their response:
“The Future Fund has a clear framework for exclusions published on its website and does not invest in companies on its exclusions list. While Elbit had previously been excluded from the portfolio, it was removed from the exclusions list in April 2023 based on our regular review process and consideration of expert third party advice. The Board has its own investment strategy and ESG policy and operates independently of government.“
Future Fund invested in Israeli company Elbit Systems – whose bombs are raining on the Palestinians
Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.