Emblaze Ltd. (LSE: BLZ) founder Eli Reifman will be released from jail for 21 days probation, as soon as he posts NIS 4 million bail, in a deal between his attorneys, Adv. Shlomi Turgeman and Adv. Doron Afik, with the special administrator of his assets, Adv. Eitan Erez, and the Bailiff's Office.
Tel Aviv District Court Judge Varda Alshech sentenced Reifman to 45 days in jail for contempt of court. The sentence was later extended by two weeks, after it was learned that his shares in Emblaze, worth NIS 120 million, were held by 41 trustees in the UK, to whom Reifman refused to give power of attorney to transfer the shares to Erez, as ordered by Alshech.
The Supreme Court dismissed Reifman's appeal for release from jail. He subsequently asked for 30 days probation, during which time his ability to transfer the shares would be reviewed. In the present deal, the bail will be appropriated if he flees jurisdiction or fails to appear in court or back at jail.
In view of the agreement between the parties, Alshech postponed releasing her decision on the extension of Reifman's jail term for contempt of court and not complying with the court order to hand over his Emblaze shares to Erez. When the 21 days probation are up, the parties will notify Alshech if her decision is still needed.
Alshech said, "I hope that from this point onward, the defendant will do what is asked of him, while every moment is worth more than gold to him, in order to assist the special administrator, and himself above all, to fulfill the court order."
Published by Globes [online], Israel business news - www.globes-online.com - on November 18, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009