Israeli telecom group in fraud case names interim directors

by

By Middle East Affairs

Bezeq Israel Telecom, the subject of an investigation fraud related to Prime Minister Benjamin Netanyahu, has approved the appointment of two interim directors, Reuters reports.

Controlling shareholder Shaul Elovitch and his son Or had stepped down from the board because of possible fraud and financial reporting offenses.

Former chairman Shlomo Rodav and Doron Turgeman, CEO of Internet Gold, will be the interim directors until a general shareholders meeting, which Reuters says will likely be in May.

The company also plans to cut the dividend it pays semiannually to 70 percent of its net profit from the 100 percent it previously paid, according to the news agency.

“The board of directors sees importance in maintaining a balance between securing the company’s financial strength and stability, while preserving its ‘AA’ credit rating over time, and providing shareholders with value by distributing dividends,” the company said in a statement.

Bezeq denies all accusations.

You may also like

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: