IEC chairman: Despite its huge debt, we're forced to supply the Palestinian Authority.
"If we were a private company, we would have stopped supplying electricity to the Palestinian Authority and the Gaza Strip long ago," Israel Electric Corporation (IEC) (TASE: ELEC.B22) chairman Yiftach Ron-Tal told the Knesset Finance Committee today. "The Palestinians have accumulated a debt of almost NIS 1.4 billion, despite our warnings over the years."
Ron-Tal added, "If an ordinary person does not pay his electricity bill, we disconnect him within a week. Here, despite the huge debt to the company, we are forced to continuing supplying electricity to the Palestinian Authority. Our owners are the government, and it has to make a decision on this matter. This debt must be collected."
Published by Globes [online], Israel business news - www.globes-online.com - on February 25, 2014
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