Securities Authority probes Menora Mivtachim funds

The probe into Menora Mivtachim Finance is characterized as a criminal investigation.

The examination of the loans Menora Mivtachim Holdings Ltd. (TASE: MORA) extended to policy holders without collateral, and the retroactive actions in the company's policies, has not yet finished, and now subsidiary Menora Mivtachim Finance has become entangled.

A week ago, the Israel Securities Authority opened a criminal investigation of several employees of Menora Mivtachim Finance, among them CEO Ronen Avigdor, on suspicion of criminal offences committed in the mutual funds management company.

Details of the affair are at present privileged, and parent company Menora Mivtachim claims it has no knowledge of why the investigation is taking place.

Capital market sources said today that if it was a matter of an "investigation", as opposed to an "examination", then there were probably findings indicating that actions amounting to criminal offences had been committed.

Menora Mivtachim manages over NIS 20 billion, or which over NIS 6 billion is in mutual funds, and te rest in provident funds and managed portfolios. Avigdor's lawyer said today that "Ronen has been questioned by the Securities Authority, and responded fully and in detail to the questions put to him. Because of the constraints of the investigation, he is prevented from commenting on its subjects."

Published by Globes [online], Israel business news - www.globes-online.com - on June 13, 2010

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

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