Approximately 50 people gathered in front of the Bank of Nova Scotia in downtown Kelowna to protest the financial institution’s alleged role in the war in Gaza, on March 15.
Breaking: Around 40-50 people have set up a #FreePalestine protest in front of the downtown #Kelowna Scotiabank. The protesters have signs claiming the bank profits and invests in genocide. @KelownaCapNews @BlackPressMedia pic.twitter.com/fahzY27pwb
— Jordy Cunningham (@CunninghamJordy) March 15, 2024
Flyers calling for Scotiabank to divest in weapons manufacturer Elbit Systems are being distributed to pedestrians.
The flyers claim that Scotiabank is the largest foreign shareholder in Elbit Systems with a stake of $500 million in the weapons company.
Elbit Systems is an aircraft, technology and weapons manufacturer. Protesters in Kelowna allege the company sells weapons to the Israeli military for use in Gaza.
The company is predominantly based in Israel.
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According to a stock and data analysis website called Fintel, the Bank of Nova Scotia, also known as Scotiabank, currently has no ownership shares in Elbit Systems. According to the Fintel, on Feb. 13, the bank disclosed ownership of zero shares of Elbit, which is a decrease of 100 per-cent from the bank’s previous filing on Dec. 16, 2023. In December 2023, Scotiabank allegedly held 2,246,525 shares in Elbit.
The Elbit Systems website provides a list of owners and Scotiabank is not listed.
On March 11, the Financial Post reported that Scotiabank’s 1832 Asset Management trimmed its holdings in Elbit from 5.1 to 4.3 per cent in the fourth quarter, according to filings with the United States Securities and Exchange Commission.
However, the “fund manager remains the largest non-Israeli shareholder, according to data compiled by Bloomberg,” stated the Financial Post.
Scotiabank spokesperson Heather Armstrong declined to give an explanation for the share sale, to the Post.
Capital News has submitted a request for a statement from Scotiabank. This article will be updated as more information becomes available.
The protest was organized by members of the Canadian Boycott, Divestment and Sanctions (BDS) Coalition.
Scotiabank in Kelowna has locked its doors in response to the protest and is only letting customers into the bank. Police are also at the protest but according to a Black Press reporter on the scene, the Mounties have not intervened.
Israel declared war on Oct. 7, after Hamas militants killed about 1,200 people, mostly civilians, and took 250 hostages. Israel’s air and ground offensive has devastated large parts of Gaza and displaced about 80 per cent of the population of 2.3 million.
On March 10, the Hamas-run Health Ministry in Gaza said at least 31,045 Palestinians have been killed since the war began.
The health ministry reports that women and children make up two-thirds of the dead.
While the ministry is part of the Hamas-run government, its figures from previous wars have largely matched those of U.N. and independent experts.
More to come.
With files from Mickey Djuric, The Canadian Press
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