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Jerusalem - Israeli Court Convicts Prominent Tycoon Of Securities Fraud

Published on: July 4, 2016 01:03 PM
By: AP
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The trial of Israeli businessman Nochi Dankner at the District Court in Tel Aviv on July 04, 2016. Flash90The trial of Israeli businessman Nochi Dankner at the District Court in Tel Aviv on July 04, 2016. Flash90

Jerusalem - An Israeli court has convicted one of the country’s most prominent businessmen of securities fraud.

The Tel Aviv District Court on Monday found former IDB Holding Corp. controlling shareholder Nochi Dankner guilty of carrying out millions of dollars’ worth of fraudulent transactions in an attempt to influence the share price of the troubled company.

IDB, whose holdings include a major mobile phone carrier and a leading supermarket chain, took on millions of dollars in debts following a series of bad business deals. The courts wrestled control of IDB away from Dankner as a result.

Dankner, a favorite of Israel’s business community, was often credited with helping rescue Israel’s economy at the height of a Palestinian uprising. Under his leadership IDB became Israel’s largest holding company and Dankner became a celebrity.



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 Jul 04, 2016 at 11:05 PM PaulinSaudi Says:

Some will point to this and say Israel has a problem with corruption. (And that does seem to be true.) I look at cases like this and say they are fighting the corruption. (Which is also true.) It is all in how you look at it.

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