Menora Mivtachim Holdings
Full Text
מנורה מבטחים החזקות בע"מ
Head office: Zeev Jabotinsky St. 23, Ramat Gan 5251102, Israel. Tel.: +972-3-7107801
A publicly traded Israeli company operating in the fields of life insurance and general insurance, and controls the "Mivtachim" pension fund. The company also provides financial services to businesses and invests in real estate.
Menora Mivtachim finances settlement expansion and exploitation of occupied natural resources.
As previous research by Who Profits has shown, Menora Mivtachim and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Financing Construction on Occupied Land
Menora Mivtachim provides financial infrastructure to Israeli construction companies for the purpose of construction of real estate projects in settlements in the occupied Syrian Golan and the occupied West Bank and holds the rights to the land and the project as collateral.
In 2023, Menora Mivtachim accompanied Israeli construction company Y.D. Barazani in a development project for acquisition of lease rights for construction of housing units in the settlement of Katzrin in the occupied Syrian Golan according to Plan תמל/1032 and tender no. 477/2021/צפ for the construction of 1,642 housing units, tourist complexes, roads and infrastructure on the outskirts of the settlement. As part of the agreement Menora Mivtachim holds as collateral all the company’s rights in respect of and in connection with the development contract signed with the Israel Land Authority in relation to the land.
In January 2023, Menora Mivtachim accompanied Israeli construction company A. Barkan in a development project for acquisition of lease rights for construction of housing units in the settlement of Katzrin in the occupied Syrian Golan according to Plan no. תמל/1032 and tender no. 477/2021/צפ for the construction of 1,642 housing units, tourist complexes, roads and infrastructure on the outskirts of the settlement. As part of the agreement Menora Mivtachim holds as collateral all the company’s rights in respect of and in connection with the development contract signed with the Israel Land Authority in relation to the land and all the company’s surpluses from the project. The project was also accompanied by the Bank of Jerusalem.
In June 2022, Menora Mivtachim accompanied Israeli construction company A. Barkan in a development project for the construction of 33 housing units on 10,435 square meters of land in the settlement of Adam-Geva Binyamin in the occupied West Bank on lands belonging to the Palestinian village of Jaba' according to Plan no. 240/2/14/3/1. The project was also accompanied by Bank of Jerusalem. As part of the agreement Menora Mivtachim holds as collateral all the company’s rights in the property, all the company’s rights in its bank accounts and securities in Bank of Jerusalem, all the company’s rights or funds from the Israel Land Administration or the Custodian of Abandoned Property in the West Bank in relation to the project, all rights and funds from apartment buyers in the project, all rights and funds that will reach the company from the land insurance, all funds received from suppliers, contractors and subcontractors of the project, and all the surpluses from three other construction projects of the company in the settlements of Adam-Geva Binyamin and Ariel.
In June 2019, Menora Mevtahim (along with Bank of Jerusalem), accompanied A. Barkan in its development project for the construction of 80 housing units in the settlement of Ariel in the occupied West Bank. As part of the agreement, Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, and its rights from the Custodian of Abandoned Property in the West, and any grants and funds given to the company from contractors.
In 2019 and 2021, Menora Mivtahim accompanied Shlomo Cohen company in its project in the settlement of Ma’ale Adumim in the occupied West Bank. As part of the agreement Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, its rights from the Custodian of Abandoned Property in the West Bank, and any grants and funds given to the company from contractors.
In 2018, Menora Mivtachim granted Dalia Eliaspor a mortgage for its project in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem.
Exploitation of Occupied Natural Resources
Menora Mivtachim holds 74% in Menora Mivtachim C.S – Naama Solar Project Ltd., a joint corporation jointly held with the settlement of Naama in the Jordan Valley, occupied West Bank.
Additionally, Menora Mivtachim holds 7.16% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Menora Mivtachim has equity and debt investments in the Ramat Hovav power plant in the Naqab.
Services to the Israeli ministry of Defense
Menora Mivtachim participated in the financing of several projects for the Israeli Ministry of Defense (IMOD), including:
the Israeli military ICT campus “Kiryat HaTikshuv” in the Naqab, which was part of the IMOD's relocation plan to transfer army bases to the Naqab region, including the ICT Corps’ Technology Unit, the Air Force’s Technology Unit and the Southern Command headquarters; the Israeli military City of Training Bases (Bahad City), also known as Ariel Sharon Camp, in the Naqab which stretches over 2,500 dunams and includes 134 buildings hosting around 10,000 Israeli permanent soldiers; and the Israeli Military's Logistic Centers Project, for the establishment of three new military regional logistics centers that will provide all the military’s logistical needs using advanced technology.
Menora Mivtachim invested over NIS 600 million in the project for the financing, planning, construction, operation and maintenance of the Israeli military Intelligence Campus “Kiryat Hamodi’in” in the Naqab. The Campus hosts the military’s Intelligence operations and houses soldiers and officers of the Intelligence, Cyber and Technology units, as well as the headquarters units of the Intelligence Division.
For more on military projects in the Naqab see Who Profits interactive map Tools of Dispossession in the Naqab: Development & Military Projects.
Holdings in Complicit Companies
Through its holdings in other private and public companies, Menora Mivtachim is complicit in the exploitation of occupied natural resources, the development of settlement transportation projects, and settlement construction.
Menora Mivtachim holds 14.36% of the shares of G1 Secure Solutions which provides security services to settlements as well as services to the Israel Prison Service and the Isreal Police.
Menora Mivtachim holds 6.89% of the shares of Shikun & Binui Group which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem and the provision of services to the Israeli Ministry of Defense. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Menora Mivtachim holds 6.21% of the shares of Afcon Holdings which provides services to the Israeli military, Israel Prison Service and Israel Police.
A publicly traded Israeli company operating in the fields of life insurance and general insurance, and controls the "Mivtachim" pension fund. The company also provides financial services to businesses and invests in real estate.
Menora Mivtachim finances settlement expansion and exploitation of occupied natural resources.
As previous research by Who Profits has shown, Menora Mivtachim and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Financing Construction on Occupied Land
Menora Mivtachim provides financial infrastructure to Israeli construction companies for the purpose of construction of real estate projects in settlements in the occupied Syrian Golan and the occupied West Bank and holds the rights to the land and the project as collateral.
In 2023, Menora Mivtachim accompanied Israeli construction company Y.D. Barazani in a development project for acquisition of lease rights for construction of housing units in the settlement of Katzrin in the occupied Syrian Golan according to Plan תמל/1032 and tender no. 477/2021/צפ for the construction of 1,642 housing units, tourist complexes, roads and infrastructure on the outskirts of the settlement. As part of the agreement Menora Mivtachim holds as collateral all the company’s rights in respect of and in connection with the development contract signed with the Israel Land Authority in relation to the land.
In January 2023, Menora Mivtachim accompanied Israeli construction company A. Barkan in a development project for acquisition of lease rights for construction of housing units in the settlement of Katzrin in the occupied Syrian Golan according to Plan no. תמל/1032 and tender no. 477/2021/צפ for the construction of 1,642 housing units, tourist complexes, roads and infrastructure on the outskirts of the settlement. As part of the agreement Menora Mivtachim holds as collateral all the company’s rights in respect of and in connection with the development contract signed with the Israel Land Authority in relation to the land and all the company’s surpluses from the project. The project was also accompanied by the Bank of Jerusalem.
In June 2022, Menora Mivtachim accompanied Israeli construction company A. Barkan in a development project for the construction of 33 housing units on 10,435 square meters of land in the settlement of Adam-Geva Binyamin in the occupied West Bank on lands belonging to the Palestinian village of Jaba' according to Plan no. 240/2/14/3/1. The project was also accompanied by Bank of Jerusalem. As part of the agreement Menora Mivtachim holds as collateral all the company’s rights in the property, all the company’s rights in its bank accounts and securities in Bank of Jerusalem, all the company’s rights or funds from the Israel Land Administration or the Custodian of Abandoned Property in the West Bank in relation to the project, all rights and funds from apartment buyers in the project, all rights and funds that will reach the company from the land insurance, all funds received from suppliers, contractors and subcontractors of the project, and all the surpluses from three other construction projects of the company in the settlements of Adam-Geva Binyamin and Ariel.
In June 2019, Menora Mevtahim (along with Bank of Jerusalem), accompanied A. Barkan in its development project for the construction of 80 housing units in the settlement of Ariel in the occupied West Bank. As part of the agreement, Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, and its rights from the Custodian of Abandoned Property in the West, and any grants and funds given to the company from contractors.
In 2019 and 2021, Menora Mivtahim accompanied Shlomo Cohen company in its project in the settlement of Ma’ale Adumim in the occupied West Bank. As part of the agreement Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, its rights from the Custodian of Abandoned Property in the West Bank, and any grants and funds given to the company from contractors.
In 2018, Menora Mivtachim granted Dalia Eliaspor a mortgage for its project in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem.
Exploitation of Occupied Natural Resources
Menora Mivtachim holds 74% in Menora Mivtachim C.S – Naama Solar Project Ltd., a joint corporation jointly held with the settlement of Naama in the Jordan Valley, occupied West Bank.
Additionally, Menora Mivtachim holds 7.16% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Menora Mivtachim has equity and debt investments in the Ramat Hovav power plant in the Naqab.
Services to the Israeli ministry of Defense
Menora Mivtachim participated in the financing of several projects for the Israeli Ministry of Defense (IMOD), including:
the Israeli military ICT campus “Kiryat HaTikshuv” in the Naqab, which was part of the IMOD's relocation plan to transfer army bases to the Naqab region, including the ICT Corps’ Technology Unit, the Air Force’s Technology Unit and the Southern Command headquarters; the Israeli military City of Training Bases (Bahad City), also known as Ariel Sharon Camp, in the Naqab which stretches over 2,500 dunams and includes 134 buildings hosting around 10,000 Israeli permanent soldiers; and the Israeli Military's Logistic Centers Project, for the establishment of three new military regional logistics centers that will provide all the military’s logistical needs using advanced technology.
Menora Mivtachim invested over NIS 600 million in the project for the financing, planning, construction, operation and maintenance of the Israeli military Intelligence Campus “Kiryat Hamodi’in” in the Naqab. The Campus hosts the military’s Intelligence operations and houses soldiers and officers of the Intelligence, Cyber and Technology units, as well as the headquarters units of the Intelligence Division.
For more on military projects in the Naqab see Who Profits interactive map Tools of Dispossession in the Naqab: Development & Military Projects.
Holdings in Complicit Companies
Through its holdings in other private and public companies, Menora Mivtachim is complicit in the exploitation of occupied natural resources, the development of settlement transportation projects, and settlement construction.
Menora Mivtachim holds 14.36% of the shares of G1 Secure Solutions which provides security services to settlements as well as services to the Israel Prison Service and the Isreal Police.
Menora Mivtachim holds 6.89% of the shares of Shikun & Binui Group which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem and the provision of services to the Israeli Ministry of Defense. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Menora Mivtachim holds 6.21% of the shares of Afcon Holdings which provides services to the Israeli military, Israel Prison Service and Israel Police.
Menora Mivtachim Holdings
מנורה מבטחים החזקות בע"מ
Head office: Zeev Jabotinsky St. 23, Ramat Gan 5251102, Israel. Tel.: +972-3-7107801
A publicly traded Israeli company operating in the fields of life insurance and general insurance, and controls the "Mivtachim" pension fund. The company also provides financial services to businesses and invests in real estate.
Menora Mivtachim finances settlement expansion and exploitation of occupied natural resources.
As previous research by Who Profits has shown, Menora Mivtachim and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Financing Construction on Occupied Land
Menora Mivtachim provides financial infrastructure to Israeli construction companies for the purpose of construction of real estate projects in settlements in the occupied Syrian Golan and the occupied West Bank and holds the rights to the land and the project as collateral.
In 2023, Menora Mivtachim accompanied Israeli construction company Y.D. Barazani in a development project for acquisition of lease rights for construction of housing units in the settlement of Katzrin in the occupied Syrian Golan according to Plan תמל/1032 and tender no. 477/2021/צפ for the construction of 1,642 housing units, tourist complexes, roads and infrastructure on the outskirts of the settlement. As part of the agreement Menora Mivtachim holds as collateral all the company’s rights in respect of and in connection with the development contract signed with the Israel Land Authority in relation to the land.
In January 2023, Menora Mivtachim accompanied Israeli construction company A. Barkan in a development project for acquisition of lease rights for construction of housing units in the settlement of Katzrin in the occupied Syrian Golan according to Plan no. תמל/1032 and tender no. 477/2021/צפ for the construction of 1,642 housing units, tourist complexes, roads and infrastructure on the outskirts of the settlement. As part of the agreement Menora Mivtachim holds as collateral all the company’s rights in respect of and in connection with the development contract signed with the Israel Land Authority in relation to the land and all the company’s surpluses from the project. The project was also accompanied by the Bank of Jerusalem.
In June 2022, Menora Mivtachim accompanied Israeli construction company A. Barkan in a development project for the construction of 33 housing units on 10,435 square meters of land in the settlement of Adam-Geva Binyamin in the occupied West Bank on lands belonging to the Palestinian village of Jaba' according to Plan no. 240/2/14/3/1. The project was also accompanied by Bank of Jerusalem. As part of the agreement Menora Mivtachim holds as collateral all the company’s rights in the property, all the company’s rights in its bank accounts and securities in Bank of Jerusalem, all the company’s rights or funds from the Israel Land Administration or the Custodian of Abandoned Property in the West Bank in relation to the project, all rights and funds from apartment buyers in the project, all rights and funds that will reach the company from the land insurance, all funds received from suppliers, contractors and subcontractors of the project, and all the surpluses from three other construction projects of the company in the settlements of Adam-Geva Binyamin and Ariel.
In June 2019, Menora Mevtahim (along with Bank of Jerusalem), accompanied A. Barkan in its development project for the construction of 80 housing units in the settlement of Ariel in the occupied West Bank. As part of the agreement, Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, and its rights from the Custodian of Abandoned Property in the West, and any grants and funds given to the company from contractors.
In 2019 and 2021, Menora Mivtahim accompanied Shlomo Cohen company in its project in the settlement of Ma’ale Adumim in the occupied West Bank. As part of the agreement Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, its rights from the Custodian of Abandoned Property in the West Bank, and any grants and funds given to the company from contractors.
In 2018, Menora Mivtachim granted Dalia Eliaspor a mortgage for its project in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem.
Exploitation of Occupied Natural Resources
Menora Mivtachim holds 74% in Menora Mivtachim C.S – Naama Solar Project Ltd., a joint corporation jointly held with the settlement of Naama in the Jordan Valley, occupied West Bank.
Additionally, Menora Mivtachim holds 7.16% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Menora Mivtachim has equity and debt investments in the Ramat Hovav power plant in the Naqab.
Services to the Israeli ministry of Defense
Menora Mivtachim participated in the financing of several projects for the Israeli Ministry of Defense (IMOD), including:
the Israeli military ICT campus “Kiryat HaTikshuv” in the Naqab, which was part of the IMOD's relocation plan to transfer army bases to the Naqab region, including the ICT Corps’ Technology Unit, the Air Force’s Technology Unit and the Southern Command headquarters; the Israeli military City of Training Bases (Bahad City), also known as Ariel Sharon Camp, in the Naqab which stretches over 2,500 dunams and includes 134 buildings hosting around 10,000 Israeli permanent soldiers; and the Israeli Military's Logistic Centers Project, for the establishment of three new military regional logistics centers that will provide all the military’s logistical needs using advanced technology.
Menora Mivtachim invested over NIS 600 million in the project for the financing, planning, construction, operation and maintenance of the Israeli military Intelligence Campus “Kiryat Hamodi’in” in the Naqab. The Campus hosts the military’s Intelligence operations and houses soldiers and officers of the Intelligence, Cyber and Technology units, as well as the headquarters units of the Intelligence Division.
For more on military projects in the Naqab see Who Profits interactive map Tools of Dispossession in the Naqab: Development & Military Projects.
Holdings in Complicit Companies
Through its holdings in other private and public companies, Menora Mivtachim is complicit in the exploitation of occupied natural resources, the development of settlement transportation projects, and settlement construction.
Menora Mivtachim holds 14.36% of the shares of G1 Secure Solutions which provides security services to settlements as well as services to the Israel Prison Service and the Isreal Police.
Menora Mivtachim holds 6.89% of the shares of Shikun & Binui Group which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem and the provision of services to the Israeli Ministry of Defense. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Menora Mivtachim holds 6.21% of the shares of Afcon Holdings which provides services to the Israeli military, Israel Prison Service and Israel Police.
Ownership
The company is publicly traded on the Tel Aviv Stock Exchange under the ticker symbol: MMHD
Major shareholders include: Flems Establishment (31.51%), Naden Establishment (31.51%), Harel Insurance Investments & Financial Services Ltd. (5.89%), Aharon Kalman (2.77%).
CEO: Kalman Aharon
Chair of the Board of Directors: Eran Griffel
Subsidiaries
Fully owned subsidiaries: Menora Mivtachim Financial Products (2006) Ltd., Menora Mivtachim Insurance Company Ltd., Shomera Insurance Company Ltd., Menora Mivtachim Real Estate Ltd., E.R.N. Israel Ltd., Menora MI Pension Insurance Agency Ltd., Menora Insurers capital raising Ltd., Sinai Insurance Agency Ltd., Shomera Real Estate Ltd., Shomera Agencies Ltd., Menora Mivtachim Finance Ltd., Menorah Properties and Investments Ltd., Menora Mivtachim Investment Portfolio Management Ltd., Menora Mivtachim Underwriters & Management Ltd.
Additional subsidiaries: Menora Mivtachim Pensions and Gemel Ltd. (90.01%), Orot Life Insurance Agency (2005) Ltd. (80%), Menora Mivtachim C.S – Naama Solar Project Ltd. (74%), Engineers Study Fund Ltd. (60%), A.t.g.r. Insurance Agency (2007) Ltd. (51%), Loan4U Ltd. (56%), Alifim Insurance Agent (2002) Ltd. (50%), Bestie Price Ltd. (50%), AMPA Capital Ltd. (47.65%), Easy I Digital Ltd. (25%), H.S.O. Group (25%).
Partners
CAF, Shapir Engineering and Industry, Solegreen
* This section refers to the company's general business partners