Psagot Ofek Investment House Ltd. general manager Gabriella Ravid and her deputy Dan Silbiger, today announced their resignations. Ravid, who founded the investment house in 1990 and made it into one of Israel's top investment houses, is leaving her position after a dispute between her and Israel Securities Authority chairman, Moshe Teri, over the 2003 Securities Authority investigation into kickbacks given to Bank Bank Leumi (TASE: LUMI) investment advisors by the bank's fund management companies, Psagot and Leumi Pia Mutual Fund Management Co.
Roy Warmus is expected to be appointed to the post of general manager of Psagot Ofek Investment House and Shay Yaron is expected to be appointed general manager of Psagot Ofek Investment Management.
The Securities Authority opposed Ravid's continued management of Psagot after its sale to US-based York Capital Management LLC., even before a hearing was held. Ravid achieved a temporary victory when the court ruled that the Securities Authority did not have the authority to condition the sale upon Ravid's removal, prior to an indictment.
Meanwhile, a hearing was held in her matter, and Tel Aviv District Prosecutor (Taxation and Finances) announced its intention to indict her. York Capital Management, which had initially threatened to cancel the deal if it excluded Ravid, compromised with Leumi in return for a discount on the purchase price.
Published by Globes [online], Israel business news - www.globes.co.il - on December 12, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006
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