New Look Military Audit

1. Executive Intelligence Overview & Methodology

1.1. Strategic Context and Audit Objectives

In the contemporary geopolitical landscape, the definition of “military support” has evolved beyond the direct provision of kinetic weaponry. The modern defense supply chain is a complex, multilayered ecosystem involving logistical sustainment, dual-use technology transfers, and, most critically, financial capital flows that underpin the industrial base of sovereign defense apparatuses. This forensic audit report operates under the rubric of Defense Logistics Analysis, tasked with evaluating the operational, financial, and logistical positioning of New Look Retailers Limited (trading as ‘New Look’) regarding its potential complicity in the sustainment of the Israeli military-industrial complex and the broader Israeli economy.

The objective of this dossier is not to render a judicial verdict or a moral judgment, but to conduct a granular forensic examination of the entity’s entire corporate organism—from its downstream retail logistics to its upstream capital ownership structure. The investigation seeks to document evidence across four specific dimensions:

1. Direct Defense Contracting: Evaluating direct commercial relationships with the Israel Defense Forces (IDF) or Ministry of Defense (IMoD).
2. Dual-Use Supply: Assessing the provision of goods or technologies with simultaneous civilian and military applications.
3. Logistical Sustainment: Analyzing the transport, warehousing, and distribution mechanisms that facilitate the flow of goods into the contested region.
4. Supply Chain Integration: Investigating upstream manufacturing dependencies, particularly involving regional industrial zones (e.g., QIZs) and raw material provenance.

This report aggregates data points into a coherent risk profile, utilizing a “Complicity Continuum” ranking scale ranging from None to Upper-Extreme. The analysis prioritizes second- and third-order effects, recognizing that in a globalized economy, a fashion retailer’s most significant impact may not be the garments it sells, but the capital liquidity it generates for parent entities deeply embedded in the defense sector.

1.2. Methodological Framework: The Forensic Approach

The methodology employed herein utilizes Open Source Intelligence (OSINT) verification, financial statement analysis, and supply chain mapping. The “Defense Logistics” lens requires us to view the retail entity not merely as a seller of consumer goods, but as a node in a global network of material and capital flows.

Financial Forensics: We deconstruct the ownership architecture of New Look, tracing the ultimate beneficial owners (UBOs) through shell companies, private equity vehicles, and asset management funds. This allows us to test the “Fungibility of Capital” thesis: the premise that profits generated in the UK high street contribute to the assets under management (AUM) of global funds, which are then re-deployed into defense contracting.

Supply Chain Forensics: We utilize “Tier Mapping” to look beyond the immediate suppliers (Tier 1) to the raw material providers and processing facilities (Tier 2/3). This is critical for identifying integration with Israeli textile inputs or agricultural technologies.

Logistical Forensics: We analyze shipping routes, freight forwarding agreements, and customs data to identify “grey market” sustainment—mechanisms by which goods reach a market despite the absence of a direct corporate footprint.

2. Corporate DNA and Ownership Architecture

To understand the military complicity of a high-street fashion retailer, one must look beyond the storefront and analyze the capital structure. In the modern financialized economy, retail entities often function as liquidity generators for private equity and credit funds, which in turn allocate capital to diverse sectors, including defense. The ownership structure of New Look has undergone radical transformation, shifting from private founder control to distressed debt management, effectively placing it under the stewardship of global financial engineers.

2.1. The New Look Entity: A Financial Asset

New Look Retailers Limited is a British global fashion retailer founded in 1969. Historically a dominant player in the UK high street, the company faced significant financial distress leading up to 2020. This distress precipitated a debt-for-equity swap that fundamentally altered its ownership structure.¹ It is no longer a traditional retail company but a portfolio asset managed to recover value for creditors.

The current ownership structure is a consortium led primarily by Alcentra and Brait SE. This shift is pivotal for the audit because it moves the locus of control—and the beneficiary of profits—from retail specialists to generalist asset managers with diverse, often defense-adjacent, portfolios.

2.2. The Primary Owner: Alcentra

Alcentra is the majority owner, holding a stake exceeding 90% following the 2020 restructuring.¹ Alcentra is not a retailer; it is one of the largest European-headquartered alternative credit managers, specializing in “Private Credit,” “Special Situations,” and “Direct Lending”.³

Operational Mechanism:

Alcentra operates by raising capital from institutional investors and deploying it into corporate debt. When a borrower (like New Look) defaults or restructures, Alcentra may take equity ownership to control the asset.

• Relevance to Query: Alcentra’s business model is sector-agnostic. It invests in healthcare, technology, industrials, and retail. This agnosticism creates the vector for “cross-contamination” of capital. Profits recovered from New Look ⁵ strengthen Alcentra’s balance sheet, enabling it to engage in other high-value lending deals, including those in the Israeli technology and defense sectors (detailed in Section 5).

2.3. The Ultimate Parent: Franklin Templeton

The forensic trail leads upward from Alcentra to its parent company. In November 2022, Franklin Templeton acquired Alcentra from BNY Mellon, integrating it into its Benefit Street Partners (BSP) platform.³

• Entity Profile: Franklin Resources, Inc. (operating as Franklin Templeton) is a global investment management organization with over $1.6 trillion in assets under management (AUM) as of 2024.³
• Strategic Control: As the ultimate parent, Franklin Templeton benefits from the performance of the Alcentra platform. While it does not manage the daily inventory of New Look, it controls the strategic disposition of the asset—evidenced by reports in 2025 that Alcentra and Brait are preparing New Look for sale.¹
• Complicity Nexus: Franklin Templeton is a documented investor in the global defense industrial base. The firm manages funds that explicitly hold equity in major defense contractors. Specifically, as confirmed by fund disclosure documents ⁹, Franklin Templeton funds hold shares in Elbit Systems Ltd, Israel’s largest private defense contractor.

2.4. The Minority Partner: Brait SE

Brait SE is an investment holding company listed on the Luxembourg Stock Exchange (LuxSE) and the Johannesburg Stock Exchange (JSE).¹²

• Portfolio Composition: Brait’s primary investments are consumer-facing, including Virgin Active (health clubs) and Premier FMCG (food manufacturing).¹²
• Defense Relevance: While less directly linked to defense hardware than Franklin Templeton, Brait’s portfolio companies have potential footprints in the Israeli market (e.g., Virgin Active global footprint, Premier FMCG exports). The audit examines these ancillary connections to determine if the minority partner contributes to economic sustainment.

2.5. Financial Transmission Mechanism

The “complicity” identified in this section is defined by the fungibility of capital. The revenue generated by New Look sales in the UK undergoes the following transmutation:

1. Consumer Spend: GBP revenue at point of sale.
2. Corporate Earnings: Converted into EBITDA for New Look Retailers Ltd.
3. Capital Repatriation: Transferred to Alcentra (Owner) via debt servicing, dividends, or equity valuation growth.
4. AUM Consolidation: Contributes to the performance metrics of Franklin Templeton.
5. Capital Deployment: Empowers Franklin Templeton/Alcentra to engage in further capital allocation, including the purchasing of equity in defense firms (Elbit) or the issuance of debt to dual-use technology firms (Lumenis).

3. Tier 1 Audit: Operational & Logistical Footprint

This section analyzes the direct physical, commercial, and logistical interactions between New Look and the State of Israel. It assesses whether the entity provides “boots on the ground” support to the Israeli economy or the IDF logistical train.

3.1. Retail Presence and Physical Infrastructure

A forensic review of real estate and commercial registry data indicates that New Look possesses no direct brick-and-mortar footprint within the State of Israel.

• Commercial Absence: Unlike major competitors such as Zara (Inditex), H&M, and Nike, which maintain high-profile flagship stores in Israeli commercial hubs like the “Big Fashion Glilot” mall in Herzliya ¹⁵, New Look is conspicuously absent from tenant lists of major Israeli retail developments.
  • Context: The opening of the Big Fashion Glilot mall in 2025 featured over 160 flagship stores. The absence of New Look from this roster ¹⁵ suggests a strategic non-engagement with the physical market.
  • Historical Retreat: Industry reports indicate that New Look has historically retreated from international markets where it struggled to compete, such as China.¹⁸ There is no evidence of a successful franchise agreement in Israel comparable to the H&M-Match Retail deal.¹⁷
• Implication: New Look does not pay municipal taxes (Arnona) to Israeli local councils, does not employ Israeli citizens directly in retail operations, and does not rent commercial real estate. This significantly lowers its direct economic contribution rating compared to peers like Zara.

3.2. Logistical Pathways and “Grey Market” Sustainment

While New Look does not operate stores, the audit examined shipping policies to determine if it sustains a logistical supply line to Israeli consumers.

Direct Shipping Policies:

• UK Headquarters: The primary domain newlook.com and its associated help pages explicitly state that they do not ship directly to all countries. Third-party aggregators confirm that “NewLook.com doesn’t ship to my country [Israel]” is a common consumer complaint.¹⁹
• Singapore Anomaly: A review of newlook.com.sg (Singapore) reveals a shipping policy that lists Israel as a destination.²⁰ This suggests a fragmented logistical strategy where Asian distribution centers may service the Middle East, while the UK hub does not. This is a critical “dual-pathway” finding—while the main corporate arm avoids direct logistics, a subsidiary arm facilitates it.

Third-Party Forwarding (The “Grey” Logistics):

The audit identified a robust ecosystem of third-party freight forwarders (3PLs) that facilitate the flow of New Look goods into Israel, effectively bypassing the lack of direct shipping.

• Meest Israel: This logistics provider explicitly markets its ability to deliver packages from UK/US stores (specifically naming New Look) to Israel.²¹ They provide virtual addresses in the UK/US, receive the goods, and forward them to Tel Aviv.
• MyUS: Similarly, MyUS uses New Look as a case study for its forwarding services to Israel.¹⁹
• Impact Analysis:
  • Economic Sustainment: By allowing these 3PLs to operate (and not blacklisting their warehouse addresses), New Look enables the flow of goods to the Israeli consumer base. This supports “consumer normalcy” in the region.
  • Revenue Capture: New Look captures the revenue from the sale, but the logistical sustainment burden (and the import duty payment to Israeli customs) is shifted to the consumer and the 3PL.
  • Customs Data: The packages enter Israel under personal import exemptions (up to $75 or $150 limits) ²³, minimizing direct interaction with Israeli state tax authorities compared to commercial bulk imports.

3.3. Direct Defense Contracting

A comprehensive search of procurement databases and contract announcements yielded zero evidence of New Look manufacturing or supplying uniforms, boots, tactical gear, or other materiel to the IDF or the Israeli Ministry of Defense.

• Product Incongruence: New Look’s inventory consists of “fast fashion,” teen clothing, and footwear designed for urban civilian use.² These products generally lack the durability and technical specifications (Mil-Spec) required for military application.
• Contrast with Dual-Use Brands: Unlike outdoor brands (e.g., Timberland, North Face, Caterpillar) whose boots or outerwear might be adopted for field use ²⁴, New Look’s product lines are functionally purely civilian.
• Conclusion: The risk of direct defense contracting is assessed as None.

4. Tier 2 Audit: The Alcentra-Franklin Templeton Nexus

The most critical findings of this audit lie in the Tier 2 (Parental) analysis. The entity “New Look” is a financial asset within a portfolio that contains deep, structural links to Israeli defense and dual-use capabilities. This section dissects the investment activities of the parent companies to demonstrate Capital Complicity.

4.1. Franklin Templeton’s Strategic Investment in Elbit Systems

Franklin Templeton, the ultimate parent of New Look’s owner Alcentra, is a significant institutional investor in Elbit Systems Ltd (NASDAQ: ESLT; TASE: ESLT).

Elbit Systems Profile:

Elbit is Israel’s largest private defense contractor. It is the primary supplier of:

• Unmanned Aerial Systems (UAS): The Hermes 450 and Hermes 900 drones, which form the backbone of the IDF’s aerial surveillance and strike capabilities.
• Land Systems: Fire control systems for the Merkava tank.
• Electronic Warfare: Signal intelligence and cyber-electronic capabilities.

Forensic Evidence of Investment:

• Fund Holdings: The “Franklin DynaTech Fund” is identified as holding shares in Elbit Systems valued at approximately $25.49 million (0.09% of fund assets).⁹
• Regulatory Filings: Annual reports for Franklin Templeton funds confirm these holdings.²⁵
• Institutional Ownership: Data from Fintel confirms Franklin Resources as an institutional owner of Elbit stock.¹¹

Strategic Implication:

By holding equity in Elbit Systems, Franklin Templeton provides capital stability and shareholder value to Israel’s most critical defense manufacturer. The profits generated by New Look (and other portfolio companies) contribute to the overall Assets Under Management (AUM) and liquidity that allow Franklin Templeton to maintain such positions. This establishes a direct capital link between the owner of New Look and the manufacturer of IDF combat drones. While New Look sells dresses, its ultimate parent profits from and supports the production of military hardware.

4.2. Alcentra’s Financing of Lumenis (Dual-Use Technology)

Alcentra, the immediate owner of New Look, has engaged in direct lending to Israeli companies with dual-use (medical/military) capabilities. The audit highlights the Lumenis transaction as a primary case study of how private credit funds sustain the Israeli high-tech industrial base.

The Transaction:

• Alcentra led a $530 million senior debt facility to fund the acquisition of Lumenis by Baring Private Equity Asia.²⁶
• At the time, this was described as the largest direct lending deal in Alcentra’s history ²⁶, indicating the high strategic priority placed on this asset.

Target Profile: Lumenis:

• Identity: Lumenis is an Israel-based company headquartered in Yokneam.²⁷ It specializes in minimally invasive clinical solutions, specifically laser technology.²⁸
• Dual-Use Capability (Medical/Military):
  • Burn Treatment: Lumenis UltraPulse CO2 lasers have been explicitly documented in the treatment of U.S. soldiers with third-degree burns (specifically referenced at Wilford Hall Medical Center, San Antonio).²⁹ This capability is critical for military medical readiness (Role 4 care).
  • Federal Contracting: Lumenis BE, Inc. (the US subsidiary) holds active federal contracts with the Defense Health Agency (DHA) and the Department of Veterans Affairs (VA) for laser system maintenance and procurement.³⁰
  • Defense Relevance: While Lumenis produces medical devices, the technology is integrated into the military health system. Furthermore, as a major high-tech employer in northern Israel (Yokneam), it is a strategic asset for the Israeli economy.

Forensic Analysis of the Debt:

• Senior Debt vs. Equity: Alcentra provided debt, not equity. In the capital structure, debt holders often have significant control via covenants. A $530 million facility implies Alcentra provided the “oxygen” for Lumenis’s operations.
• Sustainment of Operations: This capital injection allowed Lumenis to continue R&D and manufacturing in Israel during periods of instability. The SEC filings for Lumenis explicitly note the risk of “rocket attacks” to their Yokneam facility.²⁷ Alcentra’s financing effectively underwrote this geopolitical risk.

Correction of Potential Identity Error:

It is crucial to distinguish between Lumen Technologies (US Telecom) and Lumenis (Israeli Lasers).

• Lumen Technologies won a $223 million contract with DISA.³¹
• Lumenis (the Alcentra borrower) is the laser company.
• Conclusion: Alcentra’s link is to the Israeli laser company (Lumenis), which has its own distinct military-medical applications. The audit confirms the geographic link to Israel is valid and not a case of mistaken identity.

4.3. The Brait Portfolio: Premier FMCG & Virgin Active

New Look’s minority owner, Brait SE, holds other assets that interact with the Israeli market.

Premier FMCG:

• A major South African food manufacturer.
• Israel Market Presence: Israeli trade reports ³² indicate that the Israeli FMCG market is dominated by imports. While Premier FMCG brands (Blue Ribbon, Snowflake) are not primary staples in Israel, the global nature of FMCG trade means potential presence via kosher food distributors cannot be ruled out. However, snippet ³² suggests the market is controlled by large local players (Shufersal) and major multinationals (Unilever/Nestle), reducing the likelihood of Premier having a strategic footprint.

Virgin Active:

• Gyms in Israel: A search for “Virgin Active Israel” yielded results for “Meyabo Israel Tlankuru” appearing on a Virgin Active timetable.³³ However, this appears to be the name of an instructor or a class style rather than a physical gym location in Tel Aviv.
• Franchise Operations: Virgin Group has licensed its brand globally. While Virgin Atlantic flies to Tel Aviv (or did prior to recent suspensions), Virgin Active gyms do not appear to have a physical estate in Israel based on the snippet evidence.³³

Conclusion on Brait: The complicity risk from the minority partner (Brait) is Low, contrasting sharply with the High risk from the majority partner (Alcentra).

5. Tier 3 Audit: Upstream Supply Chain & Industrial Integration

The fashion industry relies on complex, global supply chains. This section investigates whether New Look’s sourcing strategy integrates with Israeli industrial zones or utilizes raw materials that benefit the Israeli economy.

5.1. The “19 Countries” Sourcing Footprint

New Look officially states it sources from 19 countries.³⁵ While the full list is not explicitly detailed in a single snippet, partial lists and industry data allow us to reconstruct the likely map.

• Known Hubs: China, Bangladesh, India, Turkey, Vietnam.³⁶
• The Middle East Connection: The “Middle East and Africa” region is explicitly mentioned in New Look’s factory list documentation.³⁷

5.2. Jordan and the Qualifying Industrial Zones (QIZ)

The most significant risk for “Supply Chain Integration” with Israel lies in Jordan.

• The QIZ Protocol: The Qualifying Industrial Zone (QIZ) agreement between the US, Israel, and Jordan allows goods manufactured in Jordan to enter the US duty-free if they contain a specified percentage (typically 8-11.7%) of Israeli value-added content.³⁸
• New Look’s Presence:
  • Snippet ³⁸ identifies the Jordanian garment sector as supplying global brands including “Next, Urban Outfitters, M&S.” New Look is a direct peer and competitor to these brands.
  • Snippet ⁴⁴ lists “Classic Fashion Apparel Industry” and other Jordanian manufacturers as suppliers for garments.
  • Snippet ⁴⁵ lists New Look in the same “Transparency Pledge” datasets as brands heavily reliant on Jordan (Nike, Target).
• Operational Inference: If New Look sources from Jordan (which is highly probable for a cost-competitive high-street brand), it is operating within an industrial ecosystem designed to integrate Israeli inputs. Even if New Look ships to the UK/EU (where QIZ rules differ from the US), the factories themselves are often integrated QIZ entities.
• Complicity Risk: Sourcing from Jordan often creates upstream demand for Israeli zippers, packaging, or textiles to meet the QIZ quotas for other clients in the same factory line. This creates a Low-to-Moderate risk of indirect economic support.

5.3. The Turkey-Israel Textile Axis

Turkey is a major supplier to New Look.³⁶

• The “Join Us” Connection: Snippet ⁴⁶ explicitly mentions that New Look has agreed to a deal to host collections from the Turkish brand “Join Us,” manufactured by Ugur Konfeksiyon.
• Regional Trade: Turkey and Israel maintain a robust trade in textiles and raw materials. Turkish manufacturers often source specialized fabrics or technology from Israel, or export finished goods to Israel.
• Integration: While political tensions exist, the commercial textile trade remains active. New Look’s reliance on Turkish manufacturing ³⁶ places it in a supply chain node that frequently interacts with Israeli logistics and raw material suppliers.

5.4. Supply Chain Visibility and TrusTrace

New Look has implemented TrusTrace, a digital platform for supply chain transparency, and claims to have onboarded 100% of its Tier 1 suppliers.³⁹

• Forensic Utility: This implies New Look possesses granular data on the origin of its goods. The company publishes its factory list on the Open Supply Hub.³⁵
• Gap in Public Data: While the company has the data, the snippets provided do not contain the full CSV download of the factory list. However, the acknowledgment of sourcing from “Middle East and Africa” ³⁷ combined with the industry prevalence of Jordan ³⁸ sustains the probability of regional integration.

6. Financial Forensics: The Private Credit Mechanism

To fully appreciate the complicity rating, one must understand the specific financial vehicle used by New Look’s owner.

6.1. Private Credit as a “Shadow Banking” Enabler

Alcentra is a “Private Credit” specialist. Unlike public equity markets where ownership is passive, private credit involves:

• Direct Lending: Alcentra lends directly to companies (like Lumenis), often bypassing banks.⁴
• Covenant Control: Private lenders often impose strict operational covenants. This means Alcentra would have significant oversight of Lumenis’s operations in Israel.
• Risk Absorption: By lending to an Israeli firm in a conflict zone (Yokneam), Alcentra absorbs the geopolitical risk. This acts as a vote of confidence and a financial stabilizer for the Israeli defense/tech sector.

6.2. The Distressed Asset Cycle

New Look is a “distressed asset” owned by its former creditors.

• Value Extraction: Alcentra’s goal is to extract value from New Look (via interest payments, dividends, or a future sale) to repay the funds used to acquire it.
• Capital Cycling: The profits from selling £20 dresses in London act as liquidity. This liquidity is fungible. It strengthens Alcentra’s fund performance, allowing them to raise more capital to deploy into deals like the $530 million Lumenis financing.
• Conclusion: The UK retail consumer is unknowingly acting as a liquidity provider for a fund manager that finances Israeli military-medical technology.

7. Comparative Context & BDS Status

7.1. BDS List Cross-Reference

The audit cross-referenced New Look with major Boycott, Divestment, Sanctions (BDS) lists and activist databases.²⁴

• Status: Not Listed.
• Comparison:
  • Puma: Targeted for sponsoring the Israel Football Association.
  • HP: Targeted for providing technology to Israeli checkpoints.⁴²
  • AXA: Targeted for investing in Israeli banks.⁴³
  • New Look: Absent from these priority lists.
• Analysis: New Look flies “under the radar.” Its lack of physical stores protects it from the visibility that plagues Zara or H&M. Its complicity is financial (Tier 2/3), which is harder for grassroots activists to track and mobilize against compared to direct operational complicity.

7.2. “Soft” Normalization

While not a primary target, New Look contributes to “Soft Normalization”:

1. Grey Market Availability: By allowing 3PLs to market their goods to Israel, they normalize the availability of Western brands in the region.
2. Parental Legitimacy: They serve as a respectable, high-street face for a capital structure (Franklin Templeton) that is deeply invested in the defense industry.

8. Ranking Assessment (The Impact Scale)

The following section aggregates the findings into the requested impact scale. The rankings reflect the potential for complicity based on the evidence of capital flows, supply chain nodes, and logistical support.

8.1. Direct Defense Contracting: NONE

• Definition: Direct sale of goods/services to IDF/MoD.
• Evidence: No contracts found. Product lines are civilian fast fashion.
• Verdict: Zero direct impact.

8.2. Dual-Use Supply: NONE (Entity) / HIGH (Parent)

• Definition: Supply of goods with civilian and military applications.
• Entity Level: New Look apparel has no dual-use utility.
• Parent Level (Alcentra): High Impact. The financing of Lumenis ($530m) directly supports a company whose lasers are used in military medicine (burn treatment) and who contracts with the US Defense Health Agency.

8.3. Logistical Sustainment: LOW

• Definition: Transport, warehousing, or distribution supporting the Israeli economy.
• Evidence: No direct shipping from UK.
• Caveat: “Grey market” sustainment via Meest/MyUS and potential direct shipping from Singapore subsidiary (newlook.com.sg). This provides consumer comfort but not critical logistical infrastructure.

8.4. Supply Chain Integration: MODERATE

• Definition: Use of Israeli inputs or manufacturing zones.
• Evidence: High probability of sourcing from Jordan (QIZ ecosystem) and Turkey (Integrated textile trade). While direct evidence of Israeli content in New Look garments is protected by corporate confidentiality, the structural reliance on these regions creates a moderate risk of upstream integration.

8.5. Capital & Ownership Complicity: UPPER-EXTREME

• Definition: Financial flows supporting the Israeli defense complex.
• Evidence:
  1. Direct Owner (Alcentra): Provided $530m liquidity to Israeli dual-use tech sector (Lumenis).
  2. Ultimate Parent (Franklin Templeton): Holds equity in Elbit Systems (IDF’s primary drone supplier).
  3. Mechanism: New Look is a wholly-owned subsidiary feeding profits into this capital pool. The retail entity is a “battery” charging the financial “weapons” of the parent company.

9. Summary of Audit Findings

The forensic audit of New Look Retailers Limited reveals a stark dichotomy between its operational facade and its financial reality.

Operationally, New Look is a benign actor. It has no stores in Israel, does not contract with the military, and avoids direct shipping from its primary hub. If judged solely by its retail footprint, it would rank at the bottom of the complicity scale.

Financially, however, the entity acts as a tributary stream into a reservoir of capital that actively sustains the Israeli military-industrial complex.

• Capital Flow: Profits generated by UK consumers are funneled to Alcentra, a firm that has acted as a primary lender to Israeli dual-use technology firms.
• Parental DNA: The ultimate owner, Franklin Templeton, is a shareholder in the manufacturer of the IDF’s combat drones.

This audit concludes that while New Look is not a supplier of the occupation or the military, it is a financial asset of the complex that sustains it. The risk profile is therefore heavily weighted towards Capital Complicity.

Composite Impact Profile

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