Why boycott Blackrock but not Apple? BDS answers Zafrul

Why boycott Blackrock but not Apple? BDS answers Zafrul

Published: Jun 4, 2024


The US-based investment company Blackrock is being targeted for boycotts by pro-Palestine activists due to several factors, said the Malaysian chapter of the global Boycott, Divest, Sanction (BDS) movement.

It said this after Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz defended a consortium’s bid to privatise Malaysia Airports Holdings Bhd (MAHB).

BDS Malaysia said the movement is targeting Blackrock because it has a significant stake in companies supplying weapons to Israel, namely Lockheed Martin, RTX, Northrop Grumman, Boeing, and General Dynamics.

“These companies are, therefore, categorised as genocide enablers,” it said in a statement yesterday.

Blackrock has also made substantial investments in Israel, including the British-Israeli firm Kreos Capital which funds high-tech startups in Israel, BDS Malaysia added.

It also claimed that Blackrock’s CEO Larry Fink is a vocal supporter of Israel.

READ MORE: KINIGUIDE | MAHB deal: What is GIP and is it linked to Israel?


“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,” it added, referring to a 2014 document spelling out the movement’s targeting criteria.


Pick and choose

The document said it does not boycott everything that can be boycotted because that would make it impossible to achieve any concrete results, so it must be strategic in picking its targets.

“If a demonstration can win us more enemies than friends, we skip it. If a dignified ‘artistic’ protest works better, then we do it,” the document added.

BDS Malaysia urged Zafrul to reconsider allowing Blackrock to own shares in MAHB, which manages 39 airports in Malaysia.

“A company that abets genocide in Gaza must not be allowed to own a significant share of our strategic assets,” it said.

Previously, a consortium comprising subsidiaries of Khazanah Nasional, Employee’s Provident Fund (EPF), Abu Dhabi Investment Authority, and Global Infrastructure Partners (GIP) had announced an offer to buy up MAHB shares and take the company private.

Khazanah and EPF justified the acquisition as a move to improve the competitiveness of Malaysian airports. Khazanah managing director Amirul Feisal Wan Zahir also emphasised that Blackrock has yet to acquire GIP.

This is despite Blackrock’s announcement in January that it is fully acquiring GIP and is expected to finalise the deal by the third quarter of this year, meaning between July and September.

When contacted by Malaysiakini, a Blackrock representative on May 26 referred the news portal to an April 12 report stating that the acquisition is still on track to close in the third quarter.


Zafrul’s defence

In the face of opposition against the acquisition by Bersatu and pro-Palestinian activists, Zafrul reportedly emphasised on Sunday that Blackrock is not Israeli-owned.

Instead, sovereign wealth funds from Abu Dhabi, Kuwait, Saudi Arabia and Qatar also have stakes in Blackrock’s shareholding, he said.

He also highlighted that Blackrock is one of Apple’s largest shareholders.

“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? Where do we draw the line?” the minister asked.