Israel Securities Authority raids El Al offices

El Al plane Photo: Tamar Matsafi

Investigators raided the airline's offices as part of a probe into suspected insider trading violations.

El Al Israel Airlines Ltd. (TASE: ELAL) has notified the Tel Aviv Stock Exchange (TASE) that investigators from the Israel Securities Authority (ISA) undertook a search of its offices yesterday. The investigators raided El Al's offices as part of a probe into suspected insider trading violations.

El Al added that several executives are currently being questioned on the matter by the ISA. The police will decide whether to extend their remand or release them on restrictive terms.

Sources inform "Globes" that although the ISA raid took place yesterday morning, El Al did not report the matter to investors until two hours after the TASE closed yesterday evening. During yesterday's trading, El Al's share price rose 7% due to the sharp fall in oil prices yesterday on world markets.

El Al declined to comment beyond the short notification to the TASE.

Published by Globes [online], Israel business news - en.globes.co.il - on November 15, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

El Al plane Photo: Tamar Matsafi
El Al plane Photo: Tamar Matsafi
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018