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Article

15 May 2019

Author:
Stephen Peel, Novalpina Capital

Novalpina Capital's reply to NGO coalition letter (15 April 2019) and Citizen Lab letter (06 March 2019)

On 15 April 2019, an NGO coalition published a second open letter addressed to Novalpina Capital, cc: NSO Group and Francisco Partners. On 15 May 2019, Novalpina Capital wrote this letter in response.

... Our intention is to establish a new benchmark for transparency and respect for human rights infull compliance with the UN Guiding Principles....

... Acquisition details

The transaction has now closed. We are therefore able to provide more detail regarding the company’s structure and management team than was the case when we last wrote to you. Novalpina Capital has control of the Board of NSO. We own approximately two-thirds of the holding company of NSO (Square 2 S.a.r.l.) and have appointed the majority of Board Directors...

... You also requested additional details of NSO’s governance processes and operating procedures beyond the initial outline we provided in our previous letter. We would make two points in response to that request. The first is that there are significant constraints on lawful disclosure under the Israeli export licence regime. We attach as an Appendix to this letter an independent legal opinion requested from the Israeli law firm Herzog, Fox & Neeman regarding the extent to which information relating to regulated defence exports can lawfully be shared with third parties. As you will see from that independent legal opinion, NSO cannot legally disclose certain categories of information that you seek regarding its current operating arrangements...

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