Mivtach Shamir Holdings estimates that, after holding a hearing for Meir Shamir, who is one of the company’s owners, the Attorney General will decide against filing a lawsuit against him on issues related to insurance company La Nationale. The company made a statement to this effect today in the board of directors’ report which accompanies its financial statements.
The company said, "On May 16, the Attorney General’s Office advised Shamir of its intention to commit him to trial on alleged violation of the Insurance Supervision Law. In the course of the investigation, Shamir was not held suspect for breaking this law, nor was he questioned in this connection. Violations of this law are not serious and are purely technical."
Mivtach Shamir Holdings’ post-tax net profit in Q1 1999 amounted to NIS 28.6 million - 90% higher than in the corresponding period last year.
The company’s net profit in Q2 1999 was NIS 6.25 million - 49% down in comparison with the corresponding quarter last year.
The company’s management says that, in Q2 1998, it made a one-off profit of NIS 8.2 million from the sale of 45% of its insurance businesses with Migdal. This profit was not duplicated this year. Hence the drop in profit compared to last year.
Mivtach Shamir Holdings’ overall revenues in the first half of 1999 reached NIS 63.3 million - 62% higher than last year. Q2 profits amounted to NIS 20.5 million - representing a 25% drop compared with the corresponding period last year.