Reputational risk<\/p>\n
According to the Stockholm International Peace Research Institute, SIPRI, which tracks the global trade in arms, Elbit Systems is Israel\u2019s No. 1 defence contractor<\/a>, operating in fields including aerospace, land and naval command and control, communications, and intelligence, surveillance and reconnaissance systems.<\/p>\n In March, The Jerusalem Post reported that Elbit Systems is now the biggest Israeli firm<\/a> by market value listed on the Tel Aviv Stock Exchange. It has a string of major contracts with the Israeli state and has already done business with Serbia.<\/p>\n Genocide accusations \u2013 and denial<\/p>\n In September last year, the UN Independent International Commission of Inquiry on the Occupied Palestinian Territory declared that Israel is committing genocide in Gaza, citing tens of thousands of civilian deaths and mass destruction.<\/p>\n \u201cWhen clear signs and evidence of genocide emerge, the absence of action to stop it amounts to complicity,\u201d said the head of the commission, Navi Pillay.<\/p>\n Previously, in January 2024, the International Court of Justice, the UN\u2019s highest court, ordered Israel to prevent its forces from committing or inciting genocidal acts against Palestinians, in response to a genocide case brought by South Africa against Israel. A final ruling on whether Israel has committed genocide in Gaza could take years. Israel has denied doing so.<\/p>\n Early last year, Elbit Systems sold Serbia advanced artillery systems and drones worth $335 million<\/a>. In August, another deal valued at $1.6 billion was signed for the delivery of drones, long-range missiles, electronic warfare systems, and other military equipment to Belgrade. The same month, BIRN reported<\/a> that the Belgrade-based company Edepro \u2013 which describes itself as a \u201cregional leader in propulsion system solutions\u201d for rockets, drones, and missiles \u2013 had exported goods to IMI Systems, which is owned by Elbit Systems since 2018.<\/p>\n Its role in Gaza has given other state pause. Citing an official document, Agence France-Presse, AFP, reported in September last year that Spain had cancelled<\/a> a contract worth some 700 million euros for the purchase of Elbit\u2019s multiple rocket launcher system after the government announced a ban on military equipment sales or purchases with Israel over its Gaza offensive.<\/p>\n Last month, a group calling itself The Earthquake Faction claimed responsibility for a fire<\/a> at a factory belonging to Czech LPP Holding, which has announced in 2023 that it would partner with Elbit in developing drones. The group said its aim was to disrupt Israeli operations in Gaza.<\/p>\n