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.
Ashtrom Group has built in occupied territory since the early 1970s. Constructed thousands of housing units in at least 11 settlements. Supplied materials for Jerusalem Light Rail, receiving NIS 500 million when CityPass sold operations. Operates the Netivey Edomit quarry and a concrete factory producing over 500 tons of asphalt per day in the West Bank. Won 2021 tender for Ofer Prison expansion (480 prisoner cells). Supplied Israeli MoD with checkpoint construction materials. Listed in OHCHR 2020 database, NBIM exclusion list, OpenSanctions.
Ashtrom has operated in occupied territory for over five decades across West Bank, East Jerusalem, and Syrian Golan. Active operations include Adumit quarry at Misdhor Adumim and concrete factory at Atarot. Holds 33% of a 2023 joint venture for photovoltaic electricity in the occupied Syrian Golan. Listed in OHCHR 2020 database (updated 2023), NBIM exclusion. No public statement disputing findings or committing to cease.
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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.