search
Front > News

IEC execs remand extended in Siemens bribery affair

IEC
IEC
29 Dec, 2014 18:48
שלח תגובה במיילHedy Cohen and Gur Megiddo

Six men are suspected of offenses ranging from receiving bribes and breach of trust, to money laundering.

The Tel Aviv Magistrates Court has extended the remand of six senior Israel Electric Corporation (IEC) (TASE: ELEC.B22) executives in the Siemens bribery affair. Those arrested include Yakov Hain IEC's deputy CEO and head of the customer division until a few days ago, and David Elmakais, IEC's SVP planning, development and technology.

Those detained are suspected of receiving bribes, fraudulent receipt, breach of trust of the corporation, and money laundering. Hain was seen as a likely successor to Eli Glickman as IEC's next CEO and is considered close to Yisrael Beitenu head Avigdor Liberman. He stepped down several days ago due to ill health. Elmakais has served the IEC since 1974. Others arrested include: former IEC deputy CEO David Kohn, who left the company in 2004 after heading IEC's tenders committee; Zvi Eyal is IEC's deputy planning division manager; Yitzhak Hirsch, Siemens Israel energy division manager; and Yona Schweitzer, planning division and projects department director.

The allegations relate to events that took place in 200-2001 as part of a huge bribery campaign carried out worldwide by Siemens to rig tenders. Siemens has admitted payouts around the world totaling $1.4 billion of which it is believed about $20 million was in Israel. The investigation regarding this $20 million spans Israel, Germany and the US.

Former District Court Judge Dan Cohen is serving a six-year sentence, after admitting that he took a NIS 4 million bribe from Siemens for steering very large-scale IEC tenders.

A letter from the IEC CEO and chairman said today, "We are working with determination to stamp out all traces of corruption and harm to integrity and we will comply with all requirements for the information needed by the authorities for full transparency and swift assistance to investigate the truth. Management also asks employees to provide information about any breach of procedures."

Published by Globes [online], Israel business news - www.globes-online.com - on December 29, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

groundcover founders credit: Yossi Yarom Israeli observability co groundcover raises $35m

groundcover has developed a “Bring Your Own Cloud” (BYOC) observability solution, redefining the architecture of a modern observability platform.

Tel Aviv Stock Exchange credit: Shutterstock MagioreStock Foreign investment in TASE hits five-year high

Foreign investors have been flocking to the Tel Aviv Stock Exchange in recent weeks, the TASE research department tells "Globes."

Elbit Systems tank turret systems credit: Elbit Systems Elbit Systems wins $100m tank turret systems deal

The Israel defense electronics company will supply its advanced UT30 MK2 unmanned turret systems to General Dynamics European Land Systems (GDELS) to be supplied to a NATO European country.

Tomer Weingarten Photo: PR Trump targets SentinelOne exec in act of revenge

The US administration has suspended the security clearance of the company's chef intelligence and public policy officer Chris Krebs and everyone associated with him.

Tel Aviv Stock Exchange share prices rising credit: Tali Bogdanovsky TASE opens sharply higher after Trump U-turn on tariffs

The pause is being interpreted as a climb down after US President Donald Trump admitted he had made the move to calm the markets.

Ashot Ashkelon credit: Ministry of Defense Up 250%, Ashot Ashkelon wins another Defense Ministry order

The Israeli defense company's share price has risen 250% in the past three years since FIMI Opportunity Funds acquired control.

Liad Agmon credit: Eyal Izhar Insight Partners Liad Agmon steps down as managing partner

Serial entrepreneur Agmon has served as a partner at Insight Partners Israel alongside Daniel Aronovitz who set up the Israel office.

Shekels credit: Shutterstock Vladerina32 Shekel slide resumes amid escalating tariff war

The Bank of Israel is not expected to intervene in the forex market despite the sharp depreciation of the shekel.

Nir Zuk credit: Inbal Marmari Palo Alto Networks mulls buying AI security co for $700m

Sources inform "Globes" that on Palo Alto's radar is Protect AI.

President Donald Trump hosts Prime Minister Benjamin Netanyahu credit: Reuters Kevin Mohatt Israeli officials confident on US tariff concessions

Senior Israeli figures believe that concessions could be tied to progress on strategic regional political issues that are important to President Trump.

Phoenix Investment House CEO Avner Hadad credit: Tommy Harpaz "The market has priced in all the bad things"

Phoenix Investment House CEO Avner Hadad says US markets could continue to fall, but that we are close to interesting territory for patient investors.

Tel Aviv credit: Shutterstock Tel Aviv slips in World's Wealthiest Cities ranking

Tel Aviv's position as one of the world's wealthiest cities took a big knock over the past year as it slipped from 42nd to 48th in investment advisors Henley & Co.'s "World's Wealthiest Cities" Top 50 ranking.

Leviathan platform credit: Albatross C'ttee seen recommending no cut in gas exports

The Dayan committee on the future of the gas sector estimates that Israel's natural gas reserves will run out in 2045.

Accountant General Yali Rothenberg credit: Rafi Kutz Israel's fiscal deficit continues to narrow

The deficit narrowed in the twelve months to the end of March 2025, for the sixth consecutive month, Ministry of Finance accountant general Yali Rothenberg reported today.

Arkia credit: Arkia Arkia cuts Tel Aviv - New York April fares

Arkia has cut fares at the last minute, a time when prices usually soar even higher, according to the pricing method used in the industry.

Bank of Israel Governor Prof. Amir Yaron credit: Dani Shem Tov Knesset Spokesperson BoI Governor: US tariffs could push up inflation in Israel

Prof. Amir Yaron tells "Globes" that there is a risk that the new tariffs will cause inflation to rise in the US, with a knock-on effect for Israel.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018