Isrotel CEO Rafi Sadeh: Although the amount stolen is especially large, it will not affect the financial soundness of Isrotel or its financial condition.
The Beersheva Magistrates Court today extended the remand Sabine Depez of the comptroller of Isrotel Ltd. (TASE: ISRO), after was arrested last week on suspicion of embezzling NIS 8 million from the hotel chain.
The Israel Police suspect that Depez, who had worked for the company for years and was considered an outstanding employee, used sophisticated fraud techniques to embezzle money. The police opened the investigation in response to a complaint by Isrotel's management about company checks sent by the comptroller to a check clearing company, which contacted the hotel to verify details about the checks. The hotel chain opened in internal inquiry, which discovered that a large-scale theft had occurred.
In a letter to employees about the incident, Isrotel CEO Rafi Sadeh said, "The confidential investigation we're undertaking by outside investigators discovered that millions of shekels had been stolen from the company." He added, "We believe that we found one rotten apple, who does not reflect the norm or our company. Although the amount stolen is especially large, it will not affect the financial soundness of Isrotel or its financial condition."
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2010
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