Yadin Antebi said that there is no threat to the company's stability.
Supervisor of Capital Markets, Insurance and Savings Yadin Antebi commented today about the questionable loans that Menorah Mivtachim Holdings Ltd. (TASE: MORA) had reportedly granted some of its customers through its agents. He said, "Irregularities have been discovered at Menorah. The company reported events but there are clear and full reports and there are less clear and full reports."
Antebi added, "The bottom line is that the company did not meet reporting norms for an insurance company. We expect much more transparency. The company said that no clients were hurt and there was no damage to the company's nostro account - the matter will be checked."
He continued, "This morning we sent Menorah a warning for a fine. If we find something we will deal with it. There is no threat to the company's stability."
Published by Globes [online], Israel business news - www.globes-online.com - on September 8, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009