Supreme Court Judge Hanan Melcer today delayed the prison sentence of Emblaze Ltd. (LSE: BLZ) founder and chairman Eli Reifman until further notice.
Yesterday Tel Aviv District Court Judge Varda Alshech sentenced Reifman to 45 days in jail for contempt of court if he did not hand over his shares in Emblaze to the special manager of his assets, Adv. Eitan Erez within 24 hours.
Reifman took advance of those 24 hours to appeal successfully to the Supreme Court to delay the sentence.
At a press conference yesterday after the Tel Aviv District Court ruling, Reifman said, "What has happened? Did I murder somebody, rape or steal? All my relatives mortgaged their homes to help me in my struggle for control."
Reifman added, "I do not understand Alshech's decision. What contempt of court? I am ready to cooperate. My salary has been seized and I've been waiting months to receive it because I've got a family to support."
Emblaze's share fell 2.5% this morning on the London Stock Exchange to ₤0.38.
Published by Globes [online], Israel business news - www.globes-online.com - on September 8, 2009
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