This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Afcon Holdings Ltd. operates directly in the occupied Palestinian West Bank and occupied Syrian Golan Heights through subsidiary activities that service and expand illegal settlement infrastructure. Afcon Electric Transportation operates electric vehicle charging stations in the Karnei Shomron and Beitar Ilit settlements in the occupied West Bank and in the Ramot settlement in the occupied Syrian Golan, as of 2022. Afcon's subsidiary DM (3000) Engineering Ltd. supports the Meitar System — used by the Israeli Civil Administration to issue biometric ID cards to Palestinians for West Bank checkpoint crossings — through queue management and display systems in checkpoint reception halls. The settlement service relationships — EV charging stations, railway electrification on occupied land, biometric checkpoint systems — are ongoing and documented in Who Profits research and the AFSC Investigate database.
Afcon Holdings Ltd., an Israeli company based in Petah Tikva specializing in control, automation, and electro-mechanical systems, provides substantial operational support to Israeli military and security infrastructure. Afcon's subsidiary Afcon Control and Automation is the authorized Israeli dealer of CEIA metal detectors, documented at Israeli military checkpoints including the Cave of the Patriarchs checkpoint in Hebron, the Beit Iba checkpoint, the Erez checkpoint in Gaza, and checkpoints in the occupied Jordan Valley. Between 2017 and 2020, Afcon received multiple contracts from the Israeli Civil Administration for magnetometer maintenance, metal detector supply, multimedia systems (NIS 315,498), and queue management systems (NIS 43,742) supporting the Meitar biometric ID card system used to control Palestinian movement through checkpoints. In 2018, the Israeli court approved a NIS 280 million contract for Afcon to carry out electrification of the Tel Aviv-Jerusalem railway, which crosses the Green Line into occupied Palestinian land. In 2019, Afcon won a NIS 230 million tender as main contractor for an Israeli Ministry of Defense office building. The OHCHR's 2025 settlements database lists Afcon among 158 companies.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.