Isramco chairman Maimon heads abroad after resignation

"Globes" enquiries find no support for reports that Jackob Maimon is under investigation by Israel's authorities.

Jackob Maimon unexpectedly resigned last Thursday as chairman and director from the companies affiliated with Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) and JOEL Jerusalem Oil Exploration Ltd. (TASE: JOEL), including Equital Ltd. (TASE:EQTL), Airport City Ltd. (TASE:ARPT), Naphtha Israel Petroleum Corp. (TASE: NFTA), and Nitsba Holdings Ltd. (TASE: NTBA). He was the controlling shareholder of the group along with Haim Tsuff. Tsuff will replace Maimon as chairman when the resignation comes into effect on June 15.

In notices to the TASE, the companies said that Maimon was resigning in order to devote the bulk of his time to the development of the companies' foreign operations. At the same time, as "Globes" reported on Thursday, Tsuff will probably return to Israel after several years' residence in the Netherlands.

On Friday, reporter Yoav Yitzhak claimed on the "Israel1" news site that Maimon's real motive was an undercover investigation against him on suspicion of money laundering. However, an examination by "Globes" found that neither the Israel Tax Authority nor the Israel Securities Authority had conducted any such investigation. So far as is known, the Israel Money Laundering Prohibition Authority also has no findings indicating that Maimon was involved in money laundering, and sent no such information to the Israel Police Economic Crimes Unit.

Commenting on the reports of an investigation against Maimon, an associate said, "Koby has nothing to hide. He believes that he has acted in a straightforward way, and will answer to anyone. He has never been investigated, nor questioned by anybody. Koby feels great. He is a working man and he continues to work as usual."

Published by Globes [online], Israel business news - www.globes-online.com - on May 9, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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