Leading Banks on Blacklist Disclosed

Gen, Mohamed Maghoub, secretary-general of the Arab Boycott office in Damascus, announced that boycott officers of 20 Arab states will meet in Cairo Feb. 23 to reconsider the status of several American and Japanese banks accused of dealing with Israel. Among several banking firms that may be removed from the Arab boycott list are the First National City Bank of Chicago, Chemical Bank, and the French arms manufacturing firm, Engins Matra. Other companies may be placed on the blacklist at this meeting, according to Maghoub while additional banks may be removed from the list.

Maghoub told the Financial Times yesterday that the most important banks banned in Arab countries include: S.G. Warburg of the United Kingdom and all its subsidiaries, Bank Max Fisher of Belgium, National Provincial and Rothschild (London) Ltd. of the UK., London and Colonial Bank of the U.K, Banque Beige of Belgium. La Societe Bancaire et Financiere d’Orient of France, Union Franciere de Paris of France, Bank Fuer Gemeinwirtschaft of West Germany, Kredit Bank Hagen of West Germany, International Credit Bank of Switzerland, Discount Bank (Overseas) of Switzerland, Lazard Freres of Paris, American Bank and Trust Co. of the U.S., and all Rothschild banks in the U.S., France, Switzerland and the U.K.

Maghoub stated that all activities between Arab banks and banks which are blacklisted are prohibited, and not just participation in international loans managed by Jewish institutions. “In other words,” Maghoub stated, “It is not permitted to deal, directly or indirectly, with any bank in the Arab countries.”

CONDITIONS FOR REMOVAL

According to another report today in London, conditions to which a firm must comply to be removed from the blacklist include: the firm and its subsidiaries must have neither main nor branch factories nor assembly plants in Israel; there must be no general office for regional or international operations from Israel; the firm must not grant any use of patent of its products in Israel; there must be no participation or ownership of shares in Israeli companies or outside Israel; the firm must not give technological assistance to any Israeli company; and the firm must not represent any Israeli business in Israel or outside.

In addition, the company that wants to be removed from the blacklist must sign an undertaking that it will never in the future break these conditions or import or promote the sale of Israeli goods. This undertaking must be in written form and notarized and backed with a seal of approval from the Foreign Office before submission to the Arab Boycott Office for consideration at one of the two annual meetings of the representatives of 14 Arab states that act on boycott matters. The Foreign Offices’ stamp of approval is confirmation that the notary used is authorized and known.