"Yediot Ahronot": B. Yair laundered tens of millions of shekels for Yitzhak Abergil.
Hebrew daily "Yediot Ahronot" reports that B.Yair Building Corporation 1988 Ltd. (TASE:BYAR) executives laundered tens of millions of shekels for crime boss Yitzhak Abergil in exchange for his bringing them desirable projects. The newspaper says that there were two types of deals: grants and money laundering.
The grants method included reporting higher than actual costs for a new project in notices to the Tel Aviv Stock Exchange (TASE), and the transfer of the surplus by B. Yair to Abergil, who opened doors for the contractor in exchange. The money laundering involved the transfer of tens of millions of shekels, which are suspected of coming illegal activities, which were transferred to B. Yair to launder through its business transactions.
B. Yair said in response, "The company is continuing business as usual with its thousands of customers in residential and commercial projects. B. Yair, one of the leading public real estate companies in Israel, will continue to loyaly service the buyers and its bondholders. The suspicions against the company will be shown to be groundless."
Published by Globes [online], Israel business news - www.globes-online.com - on May 22, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014