Boaz Yona, the owner of construction company Hefziba, which went bankrupt in 2007, was released from jail today, as part of a decision to release 600 convicts because of overcrowding. Yona was convicted of embezzlement of company funds, and was due for release in 2015.
The Israel Prison Service parole board had earlier reduced Yona's sentence by a third, before deciding today to release him now. Former Shas minister Shlomo Benizri was also released as part of today's release.
In late 2008, the Jerusalem District Court approved the plea bargain between the prosecution and Yona, sentencing him to seven years in prison and three years probation. In July 2011, the Supreme Court accepted his appeal, and halved the compensation he was to pay his victims to NIS 4 million.
Hefziba went bankrupt in 2007 after its executives, including Yona, embezzled NIS 118 million from the construction company - money paid by people buying homes that the company was building, but deposited in private accounts. The homebuyers were never given guarantees or other alternatives against the delivery of the apartments.
Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2012
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