4 arrested over unreported HSBC Swiss accounts

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The Menachemov brothers - diamond dealers - have been released on bail after surrendering their passports.

Four Israeli brothers who are diamond dealers from Tel Aviv and Ramat Hasharon have been arrested on suspicion of holding bank accounts worth the equivalent of tens of millions of shekels in the Swiss branch of HSBC, without reporting them to the Israel Tax Authority. The four brothers - Hanan Menachemov, Gad Menachemov, Yoram Menachemov and Michel Menachemov - were brought before Judge Shlomit Ben Yitzhak of the Tel Aviv Magistrates Court who agreed to their arrest and release on bail after surrendering their passports.

The four brothers are charged with leaving the money in the accounts out of their financial reports and declarations of wealth. The brothers allegedly held the equivalent of NIS 100 million in the accounts. The four brothers and the three sons of Hanan Menachemov were question by the Tax Authority on the matter and searches were conducted in the office and home of Hanan Menachemov.

The suspects denied the charges attributed to them.

The Tax Authority investigation began after they received a list of 8,000 Israelis holding accounts in HSBC's Swiss branch. The list is being cross-checked to see if the account holders reported the capital as required by law.

Published by Globes [online], Israel business news - www.globes-online.com - on September 22, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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