Sources inform ''Globes'' that the Israel Securities Authority has opened an investigation into Alfa Platinum Investment House Ltd., owned by Ami Segal, on suspicion of fraud. On Thursday, Securities Authority investigators began collecting material on the alleged fraud, including bank documents and transcriptions of phone calls. It will examine the material and will shortly summon the parties involved for questioning.
The sources added that scores of people who invested in Alfa Platinum customers funds are unable to withdraw their money.
In a petition filed with the Tel Aviv District Court Economics Department, and on which a gag order had been in place for a week, the former owner of Makhsanei Hashmal electronics retail chain Shmuel Mendeziski claims that Alfa Platinum and Segal stole NIS 29 million from his private account and from the account of his company, Shmuel Mendeziski Investments Ltd., which were managed by the investment house at Bank Hapoalim.
On Wednesday, Alfa Platinum reportedly sold its mutual funds to Ayalon Holding Ltd. (TASE: AYAL) unit Ayalon Mutual Funds Ltd. The 26 funds have an aggregate NIS 5.5 billion under management.
Tel Aviv District Court Judge haled Kabub appointed officials to collect documents and computers to try and find out what happened to the money. "There are solid evidentiary grounds at this stage of the discussion and there are good chances of obtaining an indictment," he said.
Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2013
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