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6 Jun 2008

Adri Nieuwhof, The Electronic Intifada

Dutch bank agrees: Jerusalem tramway is illegal

...the managing director of SNS Asset Management, a division of the Dutch SNS Bank, sent me a letter explaining the bank's position on divesting from Veolia...[who is] build[ing] a tramway on...Palestinian land...constructed in open violation of international law...SNS Bank stated that "the Israeli occupation of Palestinian territory is not consistent with international law. However, the bank does not consider the construction of the tramway as a direct, grave violation of human rights. Therefore excluding Veolia is considered disproportionate. Nevertheless, we see the activities as unwanted within the framework of a responsible peace process, and we will call upon Veolia not to engage with similar future projects..." The Bank added that it may still decide to divest in such a "trajectory of engagement," in case Veolia does not produce a satisfactory response...[also refers to ASN Bank, Alstom, Sarasin Bank (owned by Rabo Bank)]