Australia’s sovereign wealth fund, Future Fund, has made a 172% return on investing in Israel’s biggest bomb-maker Elbit Systems, according to ABC analysis. What’s the scam?
The scam is because Israel is bombing 6 countries Elbit can’t keep up with demand for its weapons, the Future Fund has a small stake whose value has shot up 172%.
Repeated approaches by this publication to ask why public money is being spent financing a company whose weapons are involved in the death of more than 40,000 Palestinians as well as Australian aid worker Zomi Frankcom while Israel faces a case of plausible genocide at the International Court of Justice, have fallen on deaf ears.
The good news is that the Future Fund has been talking about it internally, as evinced by this FOI which mentions Michael West Media inquiries and the fund’s ‘exclusion list’.
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Open in new tab The bad news is that they appear to be doing nothing about it, presumably putting Australia’s sovereign wealth fund at legal risk of contributing to genocide.
Also of interest in the ABC investigation are the sheer magnitude of profits being made from all weapons companies from BAE Systems to Rolls Royce.
New Future Fund chairman Greg Combet ducks for cover on Elbit war crimes investment
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.