Sources inform “Globes” that Excellence Investment, one of the largest and most successful TA-25 players, was responsible for the extraordinary trading in Partner Communications (Nasdaq: PTNR) yesterday. Partner had soared 49% by the end of trading yesterday. When asked about the matter, Excellence Investment director general Gil Deutsch, one of its controlling shareholders, said today, "No comment. I know nothing about the matter."
Partner was listed on the TA-25 today, and promptly fell 26%, dragging the index as a whole down at the opening of trade. As a result, buyers of TA-25 index put options earned a hefty profit.
The Israel Securities Authority will apparently have a hard time proving criminal intent in the matter. The extraordinary trading in Partner raised the suspicion of the TASE management, which quickly reported an erroneous deal. However, after clarifying the matter, the TASE retracted the announcement, and stated the trading in Partner was legal and valid.
Excellence Investment, controlled by Aharon Biram and Gil Deutsch, handles over NIS 1.5 billion, acquiring a unique reputation in the field of financial instruments, including options and futures on share indices, foreign currency, and interest rates.
The company's expertise in leveraged operations involving hundreds of millions of shekels earned it handsome profits, even during the stock exchange's hard times. Excellence Investment posted a 2000 profit of NIS 16.3 million, mostly from securities, options and futures.
Published by Israel's Business Arena on 1 August 2001