Psagot Investment House Ltd. CEO Roy Vermus may appeal to the High Court of Justice within a few days against his removal from his post by Apax Partners' takeover of the company. His ouster is part of the plea bargain reached with the Tel Aviv Prosecutor Office (Taxes and Economics) and the Israel Securities Authority.
Officially, Vermus's aides say that he has not yet received the plea bargain documents, and that he will make his decision only after studying all the details. They say, however, that he is determined that any plea bargain will not include his being legally liable.
Vermus's attorney, Adv. Nir Cohen said, "Vermus is not a party to the plea bargain. The plea bargain is not with his consent and he opposes it. In any event, it is clear that he is not bound by the plea bargain. The plea bargain was reached when Vermus's position was not yet presented to the prosecutor, with all that that implies. The issue relating to his continuing to serve at Psagot is therefore surprising. The details of the full plea bargain have not yet been delivered to Vermus, and after he receives them, he will formulate his position toward the plea bargain and his next steps."
Published by Globes [online], Israel business news - www.globes-online.com - on October 31, 2010
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