Inbal Or today presented herself at the to the offices of the Israel Tax Authority for further interrogation concerning the issuing of false invoices and tax evasion allegedly amounting to millions of shekels. Apartment purchasers are also making allegations against her of fraud. Court petitions were filed today for the appointment of a temporary receiver and liquidator for Inbal Or Group subsidiary Or City Real Estate, although the court postponed discussion on the appiointment of a temporary liquidator until Wednesday. The petitions alleged that Or had sold an apartment that had already been sold to somebody else.
In the requests, filed through Cohen, Wilchek & Co. managing partner Adv. Avner Cohen, the buyer, Avraham Wolloch, stated that he had purchased an apartment marketed by Inbal Or in a project on Chelnov St. in Tel Aviv. After he had already paid NIS 400,000 as an advance, however, he learned that the apartment had already been sold to someone else, who posted a warning about it, and the money had therefore not been transferred to the trustee account for the project.
The buyer alleged that he had asked for his money back, but had not received it, and now, following the recent reports of Inbal Or's arrest, he had realized that the company's financial state had made it necessary for him to file the petition for the company's liquidation.
"The company's actions vis-a-vis the petitioner (Wolloch, E. L.-W.) in selling him an apartment that had already been sold to somebody else constitute concrete fraud. This action in itself constitutes grounds for liquidation. No error is good faith is involved; it was a deliberate act aimed at defrauding the buyer," the petition stated.
The petition also says that while up until now Wolloch believed his money would be returned to him, given the reports of the arrest of Inbal Or, the sole owner and director of Or City Real Estate, the grave suspicions of fraud against the VAT authorities amounting to millions of shekels, and the lack of reporting of deals amounting to tens of millions of shekels, he now realized that the company's liquidation was unavoidable.
Wolloch relates the story of his petition. He asserts that in October 2015, he signed a form for taking part in two projects by Or City Real Estate: one at 6 Chelnov St. in Tel Aviv and one at 1 Hadar St. in Ramat Gan. A few days later, he alleges, he requested that his participation in the project in Ramat Gan be canceled, leaving him with a share only in the Tel Aviv project. He notified the company, and it was agreed that all the money paid for the Ramat Gan Project would be transferred to the Tel Aviv project.
Wolloch allegedly paid the company NIS 400,000 in checks given on the date the agreements were signed: NIS 70,000 was paid with a check with the same date as the agreement was signed, and NIS 330,000 was paid with a check postdated to November 1, 2015. According to Wolloch, both checks were cashed, and the company gave him a receipt, but the liquidation petition states, "The petitioner has not received an invoice to this day."
Wolloch alleges that according to the form he signed for joining the Tel Aviv project, it was agreed that he would be entitled to receive Apartment No. 12 in the project, but "Towards the end of December, the petitioner learned that Apartment No. 12 in the Tel Aviv project, the same apartment it was agreed that the petitioner was buying, had been previously sold to someone else."
Published by Globes [online], Israel business news - www.globes-online.com - on February 28, 2016
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