Israel Police is conducting an investigation in connection with the tax evasion affair in which Bank Leumi paid a NIS 1.3 billion penalty in the US.
The police investigation of money laundering at Bank Leumi (TASE: LUMI) is being stepped up. The police are asking the court to order three Bank Leumi branches to surrender documents concerning the investigation.
The petition for the documents is part of a joint police investigation with other economic law enforcement authorities ordered by Attorney General Avichai Mandelblit.
Bank Leumi was found to have abetted tax evasion by US citizens in the US, and settled the affair in the US by paying a NIS 1.3 billion penalty there. Israel Police, however, recently opened an investigation against then-Bank Leumi chairman Eitan Raff and then-Bank Leumi CEO Galia Maor. As far as is known, the suspicions against Raff and Maor concern the extent of their active involvement and the degree of their influence on this activity, and on the amount of the bonuses they received.
Published by Globes [online], Israel Business News - www.globes-online.com - on September 13, 2017
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Galia Maor and Eitan Raff