At the Knesset, the head of Israel’s largest venture capital fund warns Israel is facing major economic damage from the judicial transformation.
Chemi Peres, the son of former prime minister and president Shimon Peres and the CEO of Pitango, tells the Knesset’s Science and Technology Committee that tech entrepreneurs will depart Israel if the plan moves forward in its current form.
“My friends and I are good citizens, under the understanding that we live in a democratic country,” Peres says.
“I sit on the boards of huge companies that want to get their money out of Israel. There is a quiet drip of companies [out of the country]. Once there is an understanding that we are going toward anti-democratic legislation, the majority of investment and [high-tech] taxes won’t be paid in Israel, and we’ll lose an industry that is embraced everywhere in the world.”
He adds: “This is legislation that is dangerous to society and the economy and the government has chosen to shut its ears.”
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From the Liveblog of
Tuesday, February 21, 2023
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