5 global tech companies withdraw funds from Israeli accounts

Prime Minister Benyamin Netanyahu
Prime Minister Benjamin Netanyahu. (File photo: Jordan News)
AMMAN  — According to an Israeli news source, five global technology companies have decided to transfer their funds from Israeli bank accounts to foreign banks, due to fears regarding the proposed judicial reform plan announced by Prime Minister Benjamin Netanyahu’s new extreme-right government.اضافة اعلان

On Thursday, the source reported, the companies instructed the Israeli banks holding their funds — worth $7 billion — to accounts abroad.

The source did not mention the names of the companies, but indicated that the move comes after pressure from investors in the companies, and as an attempt to hedge against the risks of the Netanyahu government’s judicial plan.

The proposed judicial reforms would change the system of appointing judges, giving politicians more control over the judiciary. They would also allow the Israeli parliament to overturn any Supreme Court decision, with a simple majority of 61 deputies in the 120-seat parliament.

The five companies join four other companies that previously transferred their funds from Israeli accounts abroad: WIZ, Papaya Global, Worbit, and Sky — all tech companies valued at $1 billion and above.

On Saturday, tens of thousands of Israelis demonstrated in central Tel Aviv, for the fifth consecutive week, to protest Netanyahu's right-wing government and its plans.

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