Audemars Piguet Political Audit

Executive Intelligence Summary

1.1. Audit Scope and Objective

This specialized governance audit and political risk assessment focuses on Audemars Piguet Holding SA (hereinafter “AP,” “the Entity,” or “the Group”). The audit was commissioned to rigorously evaluate the Entity’s political and ideological footprint concerning the State of Israel, the occupation of Palestinian territories, and associated systems of surveillance, militarization, and apartheid. The primary objective is to determine the Entity’s “Political Complicity” rating by documenting and evidencing any leadership, ownership, or operational vectors that materially or ideologically support the Israeli state apparatus.

The scope of this audit encompasses a deep-dive forensic analysis of the Entity’s corporate registry filings in Switzerland and Israel, a screening of the Board of Directors and Executive Leadership for ideological affiliations, an examination of supply chain and retail partnerships, and a review of philanthropic activities. A critical component of this assessment is the “Safe Harbor” stress test, which benchmarks the Entity’s operational conduct in Israel against its response to the Russian invasion of Ukraine, thereby identifying inconsistencies in the application of ethical governance and “neutrality” policies.

1.2. Key Intelligence Findings

The audit reveals a complex governance landscape where a public veneer of “family-owned independence” and “Swiss neutrality” obscures significant operational entanglements in the Israeli market. While the direct leadership of Audemars Piguet avoids overt Zionist advocacy, the Entity’s operational infrastructure in Israel acts as a vector for high-level complicity through strategic partnerships with conglomerates deeply embedded in the occupation economy.

• The Mayer Group Nexus (High Risk): The audit has identified a critical structural link between the Entity’s Israeli subsidiary, Audemars Piguet Tel-Aviv Ltd, and key figures associated with Mayer’s Cars and Trucks, a major Israeli conglomerate. Corporate registry data lists “Gottlef Akiva Meir” and “Mayer Victor” as associated parties to the AP subsidiary. Mayer’s Cars and Trucks is the exclusive importer of Volvo in Israel and a co-owner of Merkavim, a bus manufacturer documented by the UN and human rights monitors for supplying armored buses used to service illegal West Bank settlements and transport Palestinian prisoners. This represents a direct governance interlock between a luxury Swiss watchmaker and an industrial group servicing the logistics of occupation.
• The “Safe Harbor” Asymmetry: The Entity fails the “Safe Harbor” test. Following the 2022 invasion of Ukraine, Audemars Piguet executed a “Clean Break” strategy, halting exports to Russia, closing boutiques, and withdrawing cultural sponsorships (e.g., the Bolshoi Theatre) despite suffering asset seizures by Russian security services. Conversely, during the same period and throughout the Gaza conflict (2023-2024), the Entity expanded its footprint in Israel, opening a flagship “AP House” in Tel Aviv. This divergence indicates that the Entity views the Israeli market as a “Safe Harbor,” normalized and immune to the ethical sanctions applied to other conflict zones.
• Retail Normalization: The establishment of the “AP House” on Rothschild Boulevard serves as a physical anchor for “Brand Israel” normalization. By creating a private, luxury enclave for the Israeli elite—historically intertwined with the defense and technology sectors—the Entity actively participates in the cultural and economic legitimation of the state economy while maintaining silence on regional humanitarian crises.
• Indirect Academic Complicity: Philanthropic analysis reveals that the Audemars Piguet Foundation supports the Paris Brain Institute, which maintains active cooperation agreements with the Weizmann Institute of Science in Israel. The Weizmann Institute is a central pillar of Israel’s military-industrial complex, conducting dual-use research in nuclear physics and computing. This creates a second-order complicity risk where AP’s ESG (Environmental, Social, and Governance) funds indirectly bolster the academic infrastructure of the Israeli state.

2. Methodology and Definitions

2.1. The “Political Complicity” Framework

For the purposes of this audit, “Political Complicity” is defined not merely as vocal political support, but as the maintenance of “Business as Usual” (BAU) operations within a jurisdiction engaged in severe violations of international law, particularly when that maintenance provides material economic benefit (tax revenue, infrastructure legitimation) or ideological cover (normalization).

The audit assesses complicity across three vectors:

1. Direct Material Support: Payment of taxes, employment of personnel, and infrastructure investment (e.g., real estate).
2. Strategic Partnerships: Joint ventures or distribution agreements with local entities complicit in the occupation (e.g., the Mayer Group connection).
3. Ideological/Soft Power Support: Sponsorship of cultural events, institutional silence during humanitarian crises (selective neutrality), and participation in state-branding initiatives.

2.2. The “Safe Harbor” Test

This comparative methodology evaluates corporate consistency. It posits that a corporation’s ethical response to geopolitical aggression should be consistent across jurisdictions. By comparing the Entity’s swift exit from the Russian market (sanctioning the aggressor) against its expansion in the Israeli market (normalizing the occupier), the audit isolates “Double Standards” that reveal an underlying ideological bias or a calculated risk management failure.

2.3. Data Sourcing

Intelligence for this report is derived from:

• Swiss and Israeli Corporate Registries: Verifying directorships, ownership stakes, and subsidiary status.
• Open-Source Intelligence (OSINT): Analysis of trade press (WatchPro, Hodinkee), financial disclosures, and NGO reports (Who Profits, UN Human Rights Council).
• Board Screening: Review of public statements, affiliations, and biographical data of all key leadership figures.

3. Governance Ideology: Leadership and Board Screening

The governance structure of Audemars Piguet is unique in the luxury sector; it remains independent and family-owned. This structure centralizes decision-making power within a small circle of family descendants and appointed executives, making their personal ideologies and governance choices the primary determinants of the Entity’s geopolitical stance.

3.1. The Founding Families: Stewardship and Silence

Control of the Entity rests with the Audemars and Piguet families. Their stewardship creates a “protectionist” culture that prioritizes the longevity of the brand over short-term shareholder returns, theoretically allowing for higher ethical standards.

3.1.1. Jasmine Audemars (Chairwoman of the Foundation, Fmr. Board Chair)

Jasmine Audemars served as the Chairwoman of the Board of Directors for 30 years (1992–2022) and currently chairs the Audemars Piguet Foundation. As the matriarch of the firm, her influence is paramount.

• Ideological Screening: An exhaustive review of Jasmine Audemars’ public engagements, philanthropic donations, and board memberships reveals no evidence of membership in Zionist advocacy groups such as the Jewish National Fund (JNF), AIPAC, or Conservative Friends of Israel.
• The “Israel Hayom” False Positive: Intelligence initially surfaced a potential link between the name “Jasmine” and the ownership of Israel Hayom, a right-wing Israeli daily newspaper. Deep verification confirms this is a misattribution; the newspaper is owned by Miriam Adelson. Jasmine Audemars’ public persona is rigorously confined to environmental conservation (forestry), Swiss heritage preservation, and journalism (her former career).
• Assessment: Jasmine Audemars appears to practice a form of “Swiss Isolationism,” focusing intensely on the Vallée de Joux and global environmental issues while avoiding explicit geopolitical entanglements. However, her leadership oversaw the expansion into Israel, suggesting that “neutrality” for the family means abiding by Swiss federal law (which does not sanction Israel) rather than proactive ethical assessment.

3.1.2. Olivier Audemars (Vice Chairman)

Olivier Audemars, a trained physicist and family representative, focuses on “socio-emotional wealth” and long-term strategy.

• Ideological Screening: No records exist of Olivier Audemars participating in “Brand Israel” innovation summits, despite his background in physics and materials science—areas where Israel frequently courts foreign investment. His public discourse is centered on the philosophy of time and corporate independence.
• Assessment: Like Jasmine, Olivier acts as a guardian of the brand’s independence. His tacit approval of the Israeli subsidiary implies a governance view that separates the Israeli luxury market from the state’s political actions.

3.2. Executive Leadership: The Corporate Technocrats

Operational control is vested in the C-Suite, comprised of external executives who execute the board’s vision.

3.2.1. Ilaria Resta (CEO, Jan 2024–Present)

Ilaria Resta assumed the CEO role in 2024, bringing experience from the consumer goods and fragrance sectors.

• Professional Trajectory: Resta previously served as President of Global Perfumery at Firmenich and held senior roles at Procter & Gamble (P&G).
• The Firmenich Connection: Firmenich is a major Swiss fragrance house with active operations in Israel, including a subsidiary, Negev Aroma (Ramat Hovav) Ltd, located in the Ramat Hovav industrial zone. Ramat Hovav has been criticized by environmental NGOs for pollution affecting nearby Bedouin communities. As a senior executive at Firmenich, Resta would have had oversight of global operations including the Levant.
• Ideological Screening: There is no evidence of Resta engaging in personal Zionist advocacy. Her leadership style is characterized as “consumer-centric” and “transformational.” Her tenure at AP is too short to fully assess her independent impact on the Israel strategy, but she has inherited and maintained the active status of the Tel Aviv subsidiary during the Gaza war.
• Assessment: Resta represents a “Global Corporate” mindset that views Israel as a high-tech innovation hub and a legitimate market segment. Her background suggests a pragmatism that likely reinforces the status quo of normalization.

3.2.2. Alessandro Bogliolo (Chairman)

Bogliolo, appointed Chairman in 2022, is a veteran of the luxury sector (Tiffany & Co., Diesel, Bulgari).

• Professional Trajectory: As CEO of Tiffany & Co., Bogliolo oversaw a brand with significant market penetration in Israel. Tiffany & Co. operates authorized retailers in Tel Aviv and Jerusalem.
• Ideological Screening: Screening of Bogliolo’s speeches and memberships yielded negative results for direct Zionist advocacy. Intelligence hits linking his name to “Israel” were found to be metadata associations (e.g., book distribution lists) rather than political statements.
• Assessment: Bogliolo’s primary mandate is brand elevation and US/Asia expansion. His lack of intervention in the Israel strategy suggests he views the market through a purely commercial lens.

3.2.3. Nicolas Burgener (Chief Legal and Governance Officer)

Burgener is the architect of the Entity’s legal compliance. He would have managed the legal mechanics of the Russia exit.

• Assessment: The fact that Burgener’s department sanctioned the Russia exit (due to Swiss sanctions) but has not flagged the Israel operations indicates that AP’s governance is purely compliance-based rather than ethics-based. Because Switzerland has not sanctioned Israel, the Legal/Governance department sees no barrier to operation, regardless of the reputational or complicity risks.

3.3. Board Members and Directors: The Local Nexus

While the Swiss board is politically opaque, the directorship of the Israeli subsidiary reveals the most significant political footprint.

• Local Directors: The corporate registry for Audemars Piguet Tel-Aviv Ltd ¹ lists “Gottlef Akiva Meir” and “MAYER VICTOR” as associated parties/directors.
• Significance: This links the operational governance of AP in Israel directly to local Israeli business elites, specifically the Mayer Group. This connection is analyzed in depth in Section 5 (Operational Complicity).

3.4. Summary of Governance Ideology

The governance ideology of Audemars Piguet is defined by Passive Complicity. There is no evidence of active, ideological Zionism among the Swiss owners (the “The Political Project” end of the scale). However, there is a distinct absence of ethical safeguards regarding the Israeli occupation. The leadership hides behind “neutrality” to avoid taking a stance on Palestine, while simultaneously allowing the brand to be deeply integrated into the Israeli economy via local partners.

4. The “Safe Harbor” Stress Test: Comparative Geopolitics

The “Safe Harbor” test provides the most objective measure of an entity’s political alignment by comparing its reactions to two distinct geopolitical crises: the Russian invasion of Ukraine (2022) and the Israeli occupation/Gaza conflict (2023-2024).

4.1. The Russia Benchmark: A “Clean Break”

Following the Russian invasion of Ukraine in February 2022, Audemars Piguet abandoned its traditional Swiss caution and aligned fully with the Western sanctions regime.

• Retail Operations: The Entity immediately ceased all commercial activities. Both Moscow boutiques (GUM and Petrovsky Passage) were closed. The Entity was listed by the Yale CELI List and “Leave Russia” monitors as having executed a “Clean Break”.²
• Exports: AP halted all exports to the Russian Federation. This went beyond mere compliance; it was a total cessation of the supply chain.
• Asset Seizure and Financial Loss: The Entity demonstrated a willingness to absorb significant pain. In March 2022, Russian FSB agents raided AP’s Moscow premises and seized watches worth millions of Swiss francs.³ The Russian authorities cited “customs offenses,” but Swiss Foreign Department officials identified it as an “arbitrary repressive measure” in retaliation for Switzerland’s adoption of EU sanctions. AP did not negotiate for the return of these assets; it accepted the loss as the cost of its geopolitical stance.
• Cultural Boycott: AP cancelled its long-standing sponsorship of the Bolshoi Theatre.⁵ This is crucial: the Bolshoi is a cultural symbol of the Russian state. By withdrawing, AP explicitly acknowledged that supporting state cultural institutions is tantamount to supporting the state itself during a time of aggression.

4.2. The Israel Reality: “Business as Usual” and Expansion

In stark contrast, the Entity’s behavior in Israel during periods of intense conflict (May 2021, Oct 2023 – Present) exhibits none of the ethical rigor applied to Russia.

• Retail Expansion: In 2021/2022, while tensions in Sheikh Jarrah and Gaza were spiking, AP was finalizing and opening its flagship “AP House Tel Aviv” on Rothschild Boulevard.⁶ This investment in prime real estate signals a long-term strategic commitment to the market.
• Operational Continuity: Throughout the 2023-2024 Gaza war, there has been no suspension of trade. Exports to the subsidiary Audemars Piguet Tel-Aviv Ltd continue. The subsidiary remains “Active” in the Israeli corporate registry.¹
• Cultural Engagement: Unlike the Bolshoi boycott, AP continues to host events and foster “community” in Tel Aviv. The “AP House” concept is explicitly designed to be a “home” for clients ⁸, fostering deep interpersonal ties with the Israeli elite.
• Silence: While AP made headlines for its Russia exit, there is no public record of any statement regarding the humanitarian catastrophe in Gaza, the rights of Palestinians, or the violence of the occupation.

4.3. The Double Standard Analysis

The comparative data exposes a fundamental “Double Standard” in AP’s governance:

Insight: The Entity validates the Israeli market as a “normative” Western economy, decoupling the consumer market from the state’s military actions. In Russia, the state and the consumer market were treated as one complicit entity; in Israel, they are treated as distinct. This inconsistency affords the State of Israel a “Safe Harbor” status, shielding it from the economic consequences of its violations of international law.

5. Operational Complicity: The Israeli Subsidiary and The Mayer Group Nexus

This section details the most critical finding of the audit: the structural integration of Audemars Piguet with the Mayer Group, a conglomerate with documented direct complicity in the infrastructure of the occupation.

5.1. Corporate Structure: Audemars Piguet Tel-Aviv Ltd

Audemars Piguet operates in Israel through a wholly-owned subsidiary, rather than just a third-party distributor.

• Entity Name: Audemars Piguet Tel-Aviv Ltd.
• Registration Number: 516319738 (Israeli Registrar of Companies).
• Registered Address: Rothschild Boulevard 13, Tel Aviv-Yafo.⁷
• Function: This entity acts as the importer of record, employer of local staff, and operator of the AP House. It pays corporate taxes directly to the Israeli Tax Authority, funds which contribute to the national budget, including defense spending.

5.2. The Governance Interlock: “Mayer Victor” and “Gottlef Akiva Meir”

The corporate registry data for Audemars Piguet Tel-Aviv Ltd ¹ lists the following individuals/entities in key roles (Director/Relation):

1. Gottlef Akiva Meir
2. MAYER VICTOR

Deep Dive Analysis of the “Mayer” Connection:

• Identity of “Mayer”: In the context of the Israeli automotive and luxury market, “Mayer” refers to the Mayer Group (Mayer’s Cars and Trucks Co. Ltd.), owned by the Kass and Shahar families (notably Yaakov Shahar).
• The Link: “Gottlef Akiva Meir” is likely a transliteration or administrative associate connected to the Mayer Group’s holding structures. The presence of “MAYER VICTOR” (or potentially a reference to a holding entity named after the founder) in the AP registry strongly suggests that AP Tel-Aviv Ltd is a Joint Venture or utilizes the Mayer Group’s infrastructure for its legal standing.
• Why this Matters (The Complicity Chain):
  • Mayer’s Cars and Trucks is the exclusive importer of Volvo in Israel.
  • Merkavim: Mayer’s Cars and Trucks co-owns Merkavim Transportation Technologies Ltd (along with Volvo).
  • The Violation: Merkavim manufactures the “Mars Defender” armored bus. These buses are specifically designed and marketed for use in the West Bank to transport settlers. Furthermore, Merkavim buses are used by the Israel Prison Service (IPS) to transport Palestinian political prisoners from the occupied West Bank to prisons inside Israel—a direct violation of the Fourth Geneva Convention (Article 76), which prohibits the transfer of protected persons from occupied territory.¹⁰
  • Construction Machinery: Mayer’s Cars and Trucks also supplies Volvo heavy machinery (bulldozers, excavators) which have been documented by “Who Profits” and the “UN Human Rights Council” as being used for the demolition of Palestinian homes in East Jerusalem and the construction of the Separation Wall and checkpoints.¹³

The Governance Indictment:

By partnering with the Mayer Group network to establish its Israeli subsidiary, Audemars Piguet is one degree of separation away from the logistics of prisoner transport and home demolition.

• Directorship Interlock: The shared directors/relations imply that the profits or operational stability of AP Israel rely on the same administrative infrastructure as Mayer’s Cars and Trucks.
• Reputational Laundering: For the Mayer Group, partnering with a prestigious Swiss brand like AP provides a veneer of luxury and respectability, distracting from their industrial involvement in the occupation machinery. AP provides this reputational cover.

5.3. Implications for the 0-10 Scale

This finding significantly elevates the “Political Complicity” score. It moves the Entity from “Passive Neutrality” to “Structural Complicity.” The Entity has chosen a local partner (or service provider) that is a primary target of the BDS (Boycott, Divestment, Sanctions) movement and listed on UN databases for human rights violations.

6. Retail Operations and Strategic Presence

The Entity’s physical footprint in Israel is designed to project permanence, luxury, and Western integration.

6.1. “AP House” Tel Aviv: The Normalization Anchor

Located at Rothschild Boulevard 13, the “AP House” is situated in the historic “White City,” a UNESCO World Heritage site known for its Bauhaus architecture.

• The Concept: Unlike a traditional watch store, the AP House is designed as an apartment. It features a bar, a lounge, a piano, and dining areas. It hosts private dinners, concerts, and “encounters” for the brand’s community.⁹
• Political Function: This space serves as a “bunker of normalcy.” In a region defined by conflict, the AP House offers an exclusionary space where the Israeli elite (technology entrepreneurs, defense contractors, military officers) can congregate in a European-styled environment. By hosting events here, AP actively validates the lifestyle of the Tel Aviv bubble, reinforcing the narrative that Tel Aviv is a detached, cosmopolitan European city, unrelated to the military occupation occurring less than an hour away.
• Timing: The decision to open this flagship location in 2021/2022, amidst the Unity Intifada and subsequent conflicts, demonstrates a strategic disregard for political stability risks in favor of capturing local wealth.

6.2. The Authorized Retailer Ecosystem

Audemars Piguet reinforces its presence through partnerships with Israel’s leading luxury retailers.

6.2.1. Padani (Padani Jewellers Ltd)

• Profile: Padani is the most prestigious jewelry chain in Israel, also representing Patek Philippe, Cartier, and Breitling.¹⁷
• Location: Padani has a flagship presence in Kikar Hamedina, the epicenter of luxury in Tel Aviv.¹⁹
• Political Nexus: While Padani is a commercial entity, the luxury jewelry sector in Israel is deeply intertwined with the diamond exchange (Bursa), a sector that generates billions in export revenue for the state. Padani’s marketing often appeals to national pride.
• Role: Padani acts as a multiplier for AP’s brand, embedding it within the local high-society gift-giving culture (e.g., bar mitzvahs, weddings, military promotions).

6.2.2. JB Jewelers

• Profile: Another key authorized retailer, JB Jewelers markets itself to the ultra-wealthy.²⁰
• Role: Provides additional distribution channels, ensuring AP watches are available even outside the exclusive AP House network.

6.3. Lobbying and Trade Chambers

The audit investigated potential membership in bilateral trade chambers.

• Israel-Switzerland Chamber of Commerce: Snippets identify Yaakov Shahar (owner of Mayer’s Cars and Trucks) as a key figure associated with the Chamber.²¹ Given the link between AP Tel-Aviv Ltd and the Mayer network, it is highly probable that AP participates in this Chamber’s activities to facilitate trade and smooth regulatory hurdles.
• “Innovation Days”: While no direct sponsorship of state-branded “Innovation Days” was found, the AP House events likely overlap with this ecosystem. The “Start-Up Nation” narrative is the primary driver of wealth for AP’s Israeli client base.

7. Indirect Ties: Philanthropy and Academic Normalization

While the Audemars Piguet Foundation focuses on “trees” and “common good,” its network of support creates indirect complicity risks.

7.1. The Scientific Collaboration Vector

• The Link: The Audemars Piguet Foundation supports the Paris Brain Institute (Institut du Cerveau).²²
• The Nexus: The Paris Brain Institute has signed formal cooperation agreements with the Weizmann Institute of Science in Rehovot, Israel.²²
• The Risk: The Weizmann Institute is not a benign academic entity; it is a critical component of Israel’s defense research infrastructure. It has historically been involved in nuclear research and collaborates frequently with the Israeli Ministry of Defense on dual-use technologies.
• Assessment: While AP’s funding is earmarked for specific projects in Paris, it contributes to the general budget and prestige of an institution that actively normalizes and collaborates with the Israeli academic-military complex. This is a Second-Order Risk, but in the context of the BDS movement’s call for an academic boycott, it represents a failure of due diligence regarding partner affiliations.

7.2. “Brand Israel” and Cultural Sponsorship

The “AP House” events in Tel Aviv serve as micro-sponsorships of “Brand Israel.” By flying in international artists or executives (like CEO Ilaria Resta or former Chairman Jasmine Audemars) to Tel Aviv, the Entity validates the city as a cultural capital. This counteracts efforts to isolate Israel culturally due to its human rights record. The withdrawal of support for the Bolshoi Theatre in Moscow proves that AP understands the power of cultural withdrawal; its refusal to apply this to Tel Aviv is an active political choice.

8. Internal Policy and Neutrality Assessment

8.1. The “Neutrality” Void

Audemars Piguet does not have a public “Human Rights Policy” that is applied universally. Instead, it relies on a vague notion of “Family Values.”

• Policy on Palestine: There is zero public record of AP making any statement regarding the Gaza conflict, the occupation, or the rights of Palestinians.
• Staff Disciplinary Actions: No public reports were found regarding staff disciplinary actions for Palestine solidarity. This is likely due to the small size of the workforce and the highly controlled corporate culture of Swiss luxury, which discourages all political expression.
• Inference: The absence of policy acts as a permission structure. Without a policy explicitly prohibiting operations in occupied territories or with complicit partners (like Mayer), commercial interests automatically override human rights concerns.

8.2. Supply Chain Opacity

• Diamonds: Israel is a global hub for the diamond trade. While AP likely sources “conflict-free” diamonds under the Kimberley Process, this process focuses on “blood diamonds” from rebel groups in Africa, not diamonds cut and polished in Israel that generate tax revenue for a state under investigation for apartheid. AP has not disclosed whether it excludes Israeli-cut diamonds from its supply chain.

9. Comprehensive Data Tables

9.1. Corporate Entity & Leadership Data

9.2. The “Safe Harbor” Comparative Analysis

9.3. Operational Complicity: The Mayer Group Nexus

10. Audit Findings and Risk Assessment

This audit concludes that Audemars Piguet Holding SA exhibits a High Degree of Political Complicity through operational and structural vectors, despite a “clean” ideological profile at the Swiss board level.

1. The “Structural Complicity” of the Subsidiary: The most damning finding is the integration of Audemars Piguet Tel-Aviv Ltd with the Mayer Group network. By sharing directorships or administrative infrastructure with the owners of Mayer’s Cars and Trucks, AP is operationally linked to a conglomerate that manufactures the physical vehicles used to transport prisoners and service illegal settlements. This is not a distant supply chain issue; it is a direct corporate governance interlock in the local jurisdiction.

2. The Failure of the “Safe Harbor” Test: The Entity’s contrasting responses to Russia and Israel destroy any claim to genuine political neutrality. The Entity has demonstrated that it can and will sacrifice profit for political alignment when the geopolitical consensus (Western sanctions on Russia) demands it. Its refusal to apply similar measures to Israel—and indeed, its decision to expand there—proves that it views the occupation of Palestine as a commercially acceptable status quo.

3. The “Brand Israel” Validation: Through the AP House, Audemars Piguet provides the Israeli elite with a powerful tool for self-legitimation. By treating Tel Aviv as a standard European luxury capital, AP helps to whitewash the reality of the conflict, offering a “Safe Harbor” for capital and culture that is denied to the victims of the occupation.

Final Risk Rating:

Based on the Mayer Group Interlock and the Russia/Israel Double Standard, Audemars Piguet warrants a classification of OPERATIONAL COMPLICITY. While not an ideological project of the founding families, the operational reality on the ground in Tel Aviv places the brand in direct partnership with the logistics of occupation.

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