Papaya Global to Move Funds Out of Israel


An Israeli venture capital fund said on Thursday that it would be moving its bank accounts out of Israel, as opposition to the government’s plans to overhaul the country’s judicial system mounts.

While nationwide protests have intensified over the past three weeks, Prime Minister Binyamin Netanyahu on Wednesday said he would press on with the revamp and hit back at critics who said that a plan by his new government to rein in the High Court would harm the country’s economy.

Eynat Guez, chief executive of Papaya Global, a payments platform unicorn, said in an online post on Thursday that Netanyahu’s proposed changes will harm democracy and that the company has therefore decided “to withdraw all of the company’s funds from Israel.”

“There is no certainty that we can conduct international economic activity from Israel. This is a painful but necessary business step,” said Guez, a vocal critic of the government’s judicial plans.

Guez did not provide any details on when, where or how much money they were moving.

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