Settlements & land

3 Sept. 2006: Modi'in Illit developer's amended prospectus also inaccurate

Published: 
3 Sep 2006

On 28 August, B'Tselem and Bimkom informed the Securities Authority's enforcement supervisor of inaccuracies in the prospectus that Naot HaPisga Modi'in Illit Ltd. issued on 22 August. The media reported, on 30 August, that, as a result of the organizations' letter, the company decided to postpone the public offering.

On 3 September, the company published a new prospectus. B'Tselem and Bimkom reviewed the document and found that it, too, is inaccurate.

The company added that olive orchards border the project on the south, but failed to mention that the land is owned by Palestinians and lies outside Modi'in Illit's jurisdictional area.

The company also failed to mention that, according to the relevant outline plan, it is forbidden to start construction of 138 residential units (of the 2,439 units planned) before the question of ownership of the land is resolved. The land on which the 138 units are planned belongs to Bil'inVillage. It has not been declared state land and has not been registered on the name of Israeli purchasers.

B'Tselem and Bimkom again wrote to the Securities Authority, warning it that the company is blurring facts which indicate that expanding the settlement entails infringing Palestinians' human rights.