Bank of Nova Scotia’s asset-management arm is facing scrutiny for being the largest foreign shareholder in a publicly traded Israeli defense contractor.
Bank of Nova Scotia’s asset-management arm is facing scrutiny for being the largest foreign shareholder in a publicly traded Israeli defence contractor.
Scotiabank’s 1832 Asset Management holds 5 per cent of Elbit, valued at about US$440 million, according to a U.S. Securities and Exchange Commission filing. “SumOfUs members want answers” about why the firm owns the shares, said Angus Wong, campaign manager at the advocacy group. Cluster munitions are controversial because, like land mines, they can kill or injure civilians during an armed conflict or long after it has ended.
However, the Israeli company has denied producing cluster munitions. In an emailed statement, an Elbit spokesperson said all of its business activities are in compliance with the Convention on Cluster Munitions that entered into force in August 2010. IMI has previously produced another cluster munitions system -- Runway Attack Munition -- and may still do so, she said.
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