Social Democrats TD Eoin Hayes suspended from party after revealing he sold shares in firm that supplies Israeli military a month after he was elected

Mr Hayes said he sold shares from his former US employer, which supplies technology to the Israeli military, in July for a pre-tax figure of €199,000.

The TD for Dublin Bay South also admitted he misled the media earlier today as he disclosed the profit from the sale of shares in Palantir.

Earlier, he had repeatedly refused to say when exactly he disposed of shares in the company that supplies targeting software to the Israeli Defence Forces.

The party said he has been suspended with immediate effect.

The party made the announcement in a statement recognising the duty of the media to hold politicians to account.

No duration was specified, but an internal review of the affair is now underway.

Social Democrats deputy leader Cian O’Callaghan said it was a “serious matter”.

“This is a serious matter. It is imperative that the media, who hold politicians to account on behalf of the public, can rely on the information they receive from elected representatives.“

Mr Hayes worked in California and New York for Palantir, originally exclusively a defence contractor, whose shares have ramped in value since October 7, 2023, when a Hamas attack on Israeli began the Gaza war.

“I had 7,000 shares in the company, all of which dated from my employment nearly a decade ago, and sold them in July 2024 for a pre-tax figure of €199,000,” Mr Hayes said in a statement this afternoon.

“Earlier today, during a press conference, I stated I had sold the shares before I entered politics. This was not true. It was a month after I was first elected.

“I unreservedly apologise for providing incorrect information and I am now correcting the record.”

Mr Hayes added in his statement: “Throughout the course of the past year, Palantir’s support for the Israeli military has markedly increased.

” In January, the company signed a new strategic partnership with the Israeli Defence Ministry. I should have sold my shares then and I deeply regret that I did not.”

Earlier today the new TD, who became a councillor in June, repeatedly refused to discuss the scale of his stockholding, or when he had finally sold his interests.

He would only say that he had profited “earlier this year” – the shares having been allocated years ago as an executive incentive.

Mr Hayes would also not answer a question as to whether he now intended to make any donation to Palestinian charities on foot of his revenues.

The Social Democrats has been the loudest party in the last Dáil in repeatedly raising the suffering of Gaza, with leader Holly Cairns saying anyone silent on the issue is complicit.

Today’s News in 90 seconds – 10th December 2024

Deputy leader Cian O’Callaghan had today led out the new Social Democrats parliamentary party, minus new mother Ms Cairns, to discuss Government talks.

But the press conference was quickly derailed as Mr Hayes was asked for clarity on his shares in Palantir, their monetary value, and when he had divested himself of them.

He said he had worked “briefly” for a company eight years ago “where shares were granted as part of my compensation package”.

He added: “I have divested completely from the shares.”

Asked when, he answered: “within the last 12 months.” Asked when exactly, he said: “I made an ethics declaration on joining Dublin City Council. I’m planning on making sure that I abide by all ethics declarations.”

He repeatedly answered “it was this year” to questions from journalists as to when exactly he had disposed of his holding in the company whose targeting expertise has been used by the IDF in Gaza, where 44,000 Palestinians have died.

He said: “And as I became aware that Israel had very close relationships with that company, I divested.”

Asked how much money he had received, he said: “Look, I’ve made all the declarations. This is part of the compensation package I was given nearly a decade ago, those shares.”

Mr Hayes was told that in November 2023 his party leader Holly Cairns said that inaction is complicit in genocide. But he had continued to hold the shares.

Mr Hayes said: “I fully support the Social Democrats position on Gaza, and on the Occupied Territories Bill.”

He added: “I’ve been fully transparent. And on top of that, I’ve been fully supportive of the party’s position on Gaza and on Israel.”

Mr Hayes retained the shares in a period when his party was demanding the expulsion of the Israeli Ambassador to Ireland and for the State to divest any interests it might have in Israel-linked companies.

Social Democrats deputy leader Cian O’Callaghan said: “Eoin provided incorrect information to the media. This is a serious matter which the party is now reviewing.”

People Before Profit reacted with fury to the revelation, with party leader Richard Boyd Barrett saying it was unconscionable that anyone could profit from genocide in Gaza.

“That’s really shocking,” said returned TD for Dublin West, Ruth Coppinger.

“There’s no way that he would have been elected, I’d imagine, had people known that, particularly the youth vote, particularly how many people are looking on Palestine as just a lightning rod issue for how they don’t want the world to be.”

Paul Murphy TD added: “It’s almost a year after the genocide started. I mean, that’s not someone acting in haste to divest themselves.”

Mr Murphy said: “Obviously the Dáil is sitting next week. It’s probably incumbent on Eoin Hayes now to make a statement to the Dáil.

“I also think he needs to answer questions to the media on the idea that he comes out here, refuses to answer, then sends out a written statement and hopes to just move on.”

Deputy Richard Boyd Barrett said: “I think it’s pretty disgraceful. And if I was the Social Democrats, I would be very concerned about that, because that flies in the face of what they stood for in front of the electorate. — their platform in relation to Palestine,

“To be profiteering from the genocide is quite shocking. To be honest, no such person, would be a member of People Before Profit-Solidarity.”

He added: “If he was a member of (our party) he would be expelled.”

Ms Coppinger said people had voted for the Social Democrats, “and then they find out this, I think people will be absolutely gutted and disgusted”.

She added: “Holly Cairns has questions to answer too about what sort of vetting of candidates is done, because the employment (history) should be very open and obvious. So like to hear answers on that definitely.”

Earlier this year the Social Democrats got rid of a local election candidate in Dún Laoghaire-Rathdown named Orli Degani because of “incompatible” views.

The Israeli citizen had said that Jewish people felt more and more unwelcome and unsafe in Ireland.