Response to Minister Tengku Zafrul on the issue of BlackRock

BDS Malaysia notes Minister Tengku Zafrul’s recent statements regarding BlackRock’s investment in MAHB during his dialogues with students at Universiti Malaya.

Tengku Zafrul stated that BlackRock is a listed company that Israelis do not own. He also highlighted that BlackRock is one of Apple’s largest shareholders. His comment was:

“All of you who own Apple (products), if you really feel strongly, you shouldn’t be using them. Who is the biggest shareholder of WhatsApp? Who is the biggest shareholder of Facebook?

BDS Malaysia would like to clarify that our opposition to BlackRock’s investment in MAHB is not related to the issue of the nationality or ethnicity of the owners but instead due to three crucial factors:

1. The company is complicit with the genocide in Gaza due to its significant ownership in companies that supply weapons to Israel, which is currently committing the crime of genocide in Gaza. They include Lockheed Martin, RTX, Northrop Grumman, Boeing and General Dynamics. These companies are, therefore, categorised as genocide enablers.
2. BlackRock has substantial investments in Israel. It owns British-Israeli Kreos Capital, which provides funds to Israeli startups in the high-tech sector.
3. Larry Fink, the CEO of BlackRock, is a vocal supporter of Israel. He is also proud to announce his involvement in suppressing the student protestors at Columbia University. The students were protesting against Columbia University’s investments in companies that are involved in the genocide in Gaza.

Moreover, the BDS movement adopts a strategy of `targeted boycott’, where only a selected number of companies will be targeted for boycott efforts based on several criteria*, including the level of complicity, availability of choice for consumers, and probability of success. Based on the above considerations, the global BDS movement is not calling for the boycott of Apple products, WhatsApp, or Facebook.

BDS Malaysia calls on Minister Tengku Zafrul to reconsider the decision to allow BlackRock to own shares in MAHB which is a strategic asset to the country due to its contract to manage 39 airports in the country. A company that abets genocide in Gaza must not be allowed to own a significant share of our strategic assets.

BDS Malaysia

3 June 2024

*https://bdsmovement.net/news/criteria-choosing-optimal-bds-target