Psagot Investment House Ltd. CEO Roy Vermus has petitioned the High Court of Justice to cancel the deal signed ten days ago between Apax Partners and the State Prosecutor. Under the terms of the deal criminal proceedings against Psagot will be dropped in return for the ousting of the company's senior managers including Vermus, and payment of NIS 150,000 fine.
Vermus is also seeking a temporary injunction against all parties involved, including Apax Fund, from taking any action to end Vermus's tenure at Psagot until a ruling on the petition is issued.
In his petition, presented by Adv. Nir Cohen, Vermus claims, "This is a wrong and unprecedented decision by State Prosecutor Moshe Lador. In order to help a business corporation, Apax Fund, to acquire another business, Psagot, the State Prosecutor decided to abstain from taking criminal action against another corporation on condition that the first corporation would commit that after buying the other corporation it would implement various activities, among others ending the term of office of a third party, Vermus as its CEO."
Vermus said, "The State Prosecutor's decision raises difficult legal and public questions and issues"
Vermus claims that he was not a party to the settlement and that he did not agree to it and is not obligated to it although the agreement causes him direct harm.
Published by Globes, Israel business news - www.globes-online.com - on November 7, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
Published by Globes, Israel business news - www.globes-online.com - on November 7, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010