Adv. Elad Afari of Cohen, Wilchek, Kimhi & Co. has been appointed provisional liquidator of Utrade, in a hearing before Judge Eitan Orenstin in the Tel Aviv District Court today on the petitions for liquidation brought against Utrade Premium, which is suspected of having carried out a sting operation on investors in trading via Algo Trading.
The first petition for the liquidation of Utrade was filed by one of the company's suppliers, Eyal Shalom and one of its investors, Shimon Hamias. The second petition was filed by two investors, Alon and Adi Ben-Shaul.
The petitions were filed because of the fear that Utrade would try to smuggle assets out of the company.
The representative of the Israel Securities Authority (ISA), which filed the report in the court allegedly indicating that Utrade had engaged in a Ponzi scheme fraud, said that the company had agreed to comply with an order from the ISA that it should not raise any money or recruit customers until the matter was decided by the court.
As far as is known, Utrade's controlling shareholder and CEO Aviv Talmor is currently in Cyprus "on business". Adv. David Biton, who at the time when the complaints against Utrade were revealed by "Globes" would reply to frustrated customers with brief letters and in effect represented the company, said he was not now in touch with Talmor.
Published by Globes [online], Israel business news - www.globes-online.com - on December 24, 2015
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