Apology to Adv. Ron Smuha

On December 20th 2010, "Globes" posted on its site an article stating: "Israel Discount Bank�s Swiss subsidiary IDB (Swiss) Bank Ltd. deputy general manager Ron Smuha had been suspended after lambasting his superior, general manager Yizhak Trabelsi and the bank�s management in general. The interim conclusion of an enquiry by KPMG Switzerland cleared Trabelsi of the charges"

However, KPMG Switzerland has found that most of the allegations of Adv. Ron Smuha in his Risk Report to the board of directors, were correct.

"Globes" has therefore retracted the aforementioned statement from its site and sincerely apologises to Adv. Ron Smuha for any harm caused by this error.

Published by Globes [online], Israel business news - www.globes-online.com - on September 12, 2012