Menorah Mivtahim Holdings
Full Text
מנורה מבטחים אחזקות בע"מ
Head office: 23 Jabotinski St., Ramat Gan, 5251102 Tel: +972-3-7107801
A publicly-traded Israeli company operating in the all fields relating to life insurance, pension, general insurance and health insurance. The compay also provides financial services to businesses and invests in real-estate.
In 2019, Menorah Mevtahim (along with Jerusalem Bank), accompanied the company A. Barkan’s project in the illegal settlement of Ariel, occupied West Bank. Menorah held 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 Bank and the Israeli Ministry of Construction and Housing (IMOCH), and any grants and funds given to the company from contractors.
In 2019 and 2021, Menorah Mivtahim accompanied the company Shlomo Cohen in its project in the settlement of Ma’ale Adumim, occupied West Bank. Mehorah held 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 Bank and the IMOCH, and any grants and funds given to the company from contractors.
In 2018, Menorah granted Dalia Eliaspor a mortgage for its project in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem.
Greenwashing:
Teralight is a publicly-traded Israeli company established in 2021 to hold the shares of Menorah Mivtachim Energy, a subsidiary of Menorah. Currently the company is no longer a subsidiary of MEnorah, but Palamas Establishment and Najaden Establishment, the controlling shareholders in Menorah, each own 26.91% of shares in Tera Light, while Harel owns 5.99%. Tera Light is involved in establishing a solar energy field currently under construction in the occupied Jordan Valley, along with 12 settlement agricultural cooperatives. Once completed, the field will be Israel’s largest solar field in the occupied West Bank, covering up to 3,000 dunams of land and will generate 360 MW of electricity. The field is expected to be connected to Israel’s national electricity grid in 2024.
Military-Industrial Complex:
The company participated in the financing of the Israeli military’s City of Training Bases in the Naqab. The total cost of the establishment of the base was NIS 1.6 billion. The military base stretches over 2,500 dunams and includes 134 buildings and hosts around 10,000 Israeli permanent soldiers.
Ownership of complicit companies:
The company holds shares in several companies that are complicit in the Israeli occupation, either through construction on occupied land, bolstering the Israeli security apparatus, exploitation of natural resources and providing services to settlements. It holds 7.96% of the share of Shikun & Binui, 5.21% of Enlight Renewable Energy’s shares, 7.57% of Ashtrom‘s Shares, 7.25% of Formula System’s shares, 6.51% of Afcon’s shares, 14.42% of G1‘s shares (constituting the second largest controlling shareholder of the company).
A publicly-traded Israeli company operating in the all fields relating to life insurance, pension, general insurance and health insurance. The compay also provides financial services to businesses and invests in real-estate.
In 2019, Menorah Mevtahim (along with Jerusalem Bank), accompanied the company A. Barkan’s project in the illegal settlement of Ariel, occupied West Bank. Menorah held 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 Bank and the Israeli Ministry of Construction and Housing (IMOCH), and any grants and funds given to the company from contractors.
In 2019 and 2021, Menorah Mivtahim accompanied the company Shlomo Cohen in its project in the settlement of Ma’ale Adumim, occupied West Bank. Mehorah held 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 Bank and the IMOCH, and any grants and funds given to the company from contractors.
In 2018, Menorah granted Dalia Eliaspor a mortgage for its project in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem.
Greenwashing:
Teralight is a publicly-traded Israeli company established in 2021 to hold the shares of Menorah Mivtachim Energy, a subsidiary of Menorah. Currently the company is no longer a subsidiary of MEnorah, but Palamas Establishment and Najaden Establishment, the controlling shareholders in Menorah, each own 26.91% of shares in Tera Light, while Harel owns 5.99%. Tera Light is involved in establishing a solar energy field currently under construction in the occupied Jordan Valley, along with 12 settlement agricultural cooperatives. Once completed, the field will be Israel’s largest solar field in the occupied West Bank, covering up to 3,000 dunams of land and will generate 360 MW of electricity. The field is expected to be connected to Israel’s national electricity grid in 2024.
Military-Industrial Complex:
The company participated in the financing of the Israeli military’s City of Training Bases in the Naqab. The total cost of the establishment of the base was NIS 1.6 billion. The military base stretches over 2,500 dunams and includes 134 buildings and hosts around 10,000 Israeli permanent soldiers.
Ownership of complicit companies:
The company holds shares in several companies that are complicit in the Israeli occupation, either through construction on occupied land, bolstering the Israeli security apparatus, exploitation of natural resources and providing services to settlements. It holds 7.96% of the share of Shikun & Binui, 5.21% of Enlight Renewable Energy’s shares, 7.57% of Ashtrom‘s Shares, 7.25% of Formula System’s shares, 6.51% of Afcon’s shares, 14.42% of G1‘s shares (constituting the second largest controlling shareholder of the company).
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Menorah Mivtahim Holdings
מנורה מבטחים אחזקות בע"מ
Head office: 23 Jabotinski St., Ramat Gan, 5251102 Tel: +972-3-7107801
A publicly-traded Israeli company operating in the all fields relating to life insurance, pension, general insurance and health insurance. The compay also provides financial services to businesses and invests in real-estate.
In 2019, Menorah Mevtahim (along with Jerusalem Bank), accompanied the company A. Barkan’s project in the illegal settlement of Ariel, occupied West Bank. Menorah held 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 Bank and the Israeli Ministry of Construction and Housing (IMOCH), and any grants and funds given to the company from contractors.
In 2019 and 2021, Menorah Mivtahim accompanied the company Shlomo Cohen in its project in the settlement of Ma’ale Adumim, occupied West Bank. Mehorah held 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 Bank and the IMOCH, and any grants and funds given to the company from contractors.
In 2018, Menorah granted Dalia Eliaspor a mortgage for its project in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem.
Greenwashing:
Teralight is a publicly-traded Israeli company established in 2021 to hold the shares of Menorah Mivtachim Energy, a subsidiary of Menorah. Currently the company is no longer a subsidiary of MEnorah, but Palamas Establishment and Najaden Establishment, the controlling shareholders in Menorah, each own 26.91% of shares in Tera Light, while Harel owns 5.99%. Tera Light is involved in establishing a solar energy field currently under construction in the occupied Jordan Valley, along with 12 settlement agricultural cooperatives. Once completed, the field will be Israel’s largest solar field in the occupied West Bank, covering up to 3,000 dunams of land and will generate 360 MW of electricity. The field is expected to be connected to Israel’s national electricity grid in 2024.
Military-Industrial Complex:
The company participated in the financing of the Israeli military’s City of Training Bases in the Naqab. The total cost of the establishment of the base was NIS 1.6 billion. The military base stretches over 2,500 dunams and includes 134 buildings and hosts around 10,000 Israeli permanent soldiers.
Ownership of complicit companies:
The company holds shares in several companies that are complicit in the Israeli occupation, either through construction on occupied land, bolstering the Israeli security apparatus, exploitation of natural resources and providing services to settlements. It holds 7.96% of the share of Shikun & Binui, 5.21% of Enlight Renewable Energy’s shares, 7.57% of Ashtrom‘s Shares, 7.25% of Formula System’s shares, 6.51% of Afcon’s shares, 14.42% of G1‘s shares (constituting the second largest controlling shareholder of the company).
Ownership
The company’s major shareholders are the foreign companies Flems Establishment and Naden Estanlishment, which together own 61.86% of Menorah’s shares, for Tali Griple and Niva Gorwitz respectively, making the two the ultimate controlling shreaholders of Menorah.
Chairman- Eran Griple
CEO- Ari Kalman
Subsidiaries
Menorah Mivtahim Pension and Gemel Ltd. (95.1%); Shumrah Mivtahim Insurance Ltd. (100%); Shumrah Insurace Company Ltd. (100%); Menorah Mivtahim Real Estate Ltd. (100%); E.R.N. Israel Ltd (40%); Ampa Capital LTd. (48.38%); Menorah Mivtahim Agencies Ltd. (100%); H.S.O. Group Ltd. (25%); Bestie Price Ltd. (50%); Mashabim Insruance Agency Ltd. (25%); Pango General Insurance Agency (2019) Ltd. (50%); Orot Life Insurance Agency (2005) Ltd. (80%); Meteor A.A. Pesnion Insurance Agency (202) Ltd. (25%); D.N.I. Networking Ltd. (25%); D.N.I. Pension Insurance Agency (2016) Ltd. (25%); Menorah Mivtahim Capital Raising Ltd. (100%); Menorah Properties and Investments Ltd. (100%); Shumrah Real Estate Ltd. (100%); Shumrah Agencies Ltd. (100%); Sini Insurance Agency Ltd. (100%); Etgar Insurance Agency (2007) Ltd. (100%); Menorah Mivtahim Finance Ltd. (100%); Mimun Beclick Ltd. (40%); Menorah Mivtahim Motrgages Ltd. (100%); Menorah Mivtahim Tech Lt. (100%); Menorah Mivtahim Underwriting and Management Ltd. (100%); Menora Mivtachim Vehistadrut Hamehandesim Nihul Kupot Gemel (60%).
Other subsidiaries include:
Belltrend Menora Enterprises Ltd. (50%); Yatelsis Development Ltd. (60%); Yatelsis River Development Ltd. (60%); Mxr Development Ltd. (50%); Easy Solar SA (35 %); RNA Power SA (35%); D.H.E. SA (35%); Surrey Street, LP (28.1%); Gaia Journal Square Holdings, LLC (38.3%); 120 Wall Holdings, LLC (20.1%); A1 Menora German Holsings, S.a.r.l. (38%); Gaia 200 Plaza Drive, LLC (20%); MM Fenwick, LLC (21.6%); MMZ Peroeprties B.V. (18.5%); Michelson Real Estate Fund IV, LLC (22.5%); MMZ Proeprties Alaska Haarlem B.V. (21.9%); City Center Mengot sp. Z.o.o. (17.6%).
Partners
Co Reinsurance Swiss; EUROPE RE XL; Versicherung R+V AG; KoreanReinsurance Company; General Insurance Corporation of India; Novae; Re CCR; Everest Reinsurance Company; Re Trans Zurich Reinsurance Company; Axis Re Europe.
In 2021, the company signed an agreement with the company Solegreen for the shared investment in renewable energy projects in Italy, Greece and other European countires.
* This section refers to the company's general business partners