In the midst of the upheaval at Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ), CEO Stella Handler today sent a letter to the company's employees. She wrote, "Dear Bezeq employees, a huge wave is currently engulfing Bezeq, following the investigation being conducted by the Israel Securities Authority. It is a foul wave, full of assessments, unclear information, and spins by various and sundry parties. This wave will be with us for a considerable time, and it is unquestionably arousing very unpleasant feelings among all of you. Bezeq is experiencing a very difficult period, in which various claims are being made against the company. At the same time, we are more determined than ever to preserve it, and to enable it to continue functioning reasonable well until the wave passes. As Bezeq's management, our job is to make sure that all of us continue to focus on our tasks, and that the company so dear to our hearts is as outstanding as always. It is clear to us that this event will be painful and prolonged, but we believe that we will emerge stronger from it."
Handler adds, "Bezeq and its managers are cooperating fully in order to assist the Securities Authority to discover the whole truth as early as possible. As we understand it at this stage, the investigation does not concern Bezeq's regular activity; it is focusing on the transaction in which Bezeq acquired full ownership of DBS Satellite Services (1998) Ltd. (YES) from its partner in the satellite company, who is the Bezeq controlling shareholder. At a time like this, it is very easy to get carried away by the whirlwind of reports and rumors, to lose direction, and to be dragged into harming the proper business of the company."
Handler concludes her letter by writing, "We, Bezeq's management, are aware of the heavy responsibility on our shoulders to enable you to continue being proud of the company, and we will act accordingly at this difficult time."
In recent days, production concerns owning channels or production companies having relations with Yes were questioned by the Securities Authority. As far as is known, the Securities Authority is trying determine whether, following the main suspicions against Yes, the company also acted in this sphere to artificially improve its 2016 finanical results.
Industry sources said today that the satellite company had been known for years as one of the worst companies in the terms of the payments it makes to the content concerns. They therefore believe that it is doubtful whether Yes's actions in this aspect were directly connected to the main affair now under investigation by the Securities Authority.
Published by Globes [online], Israel Business News - www.globes-online.com - on June 25, 2017
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