Two Scottish banks helped a North Sea oil firm with links to Israel’s West Bank settlements raise half a billion pounds, The Ferret has found.
Edinburgh-headquartered Natwest and Lloyds were both underwriters on a £500m bond issuance by North Sea oil firm Ithaca Energy in July 2021.
The previous year, Ithaca’s parent company, Tel-Aviv-based Delek Group, was named on a UN list of 112 companies whose activities in the West Bank “raised particular human rights concerns”.
The list was compiled after a UN fact finding mission to investigate the impact of the
settlements – considered illegal under international law – on Palestinians.
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