Tel Aviv – Feb 17 Israeli authorities on Wednesday arrested Gregory Gurtovoy, co-chairman of G. Willi-Food International Ltd., on suspicion of fraud and money laundering, court papers showed.
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Gurtovoy, controlling shareholder of the company, appeared at Tel Aviv Magistrates’ Court and was ordered held in custody until Friday while Israel Securities Authority investigators continue to examine the company’s affairs.
A court document said that an undercover investigation of the suspect had been going on, although the date of its start was not revealed, and it became public knowledge on Wednesday with Gurtovoy’s appearance in court.
Gurtovoy is also managing partner of GHP Group, a private investment bank in Ukraine.
Willi-Food, whose main focus is the Israeli preserved food market, has a market value of $51.4 million and reported sales of $19.5 million in the third quarter of 2015. Its stock closed down 5.2 percent at $3.95 on Nasdaq on Wednesday.