Ormat general counsel takes leave amid allegations

Ormat power plant / Photo: Shutterstock, Shutterstock.com

Hezi Kattan is liable to be indicted on charges of involvement in bribery of foreign officials by Shikun & Binui.

Geothermal energy company Ormat Technologies (TASE: ORA; NYSE: ORA) has announced that Yehezkiel (Hezi) Kattan has taken leave from his post as general counsel and chief compliance officer of the company "in order to enable him to focus on his defense against certain claims against him in Israel that are not connected to Ormat."

Subject to a hearing, Kattan faces indictment on charges arising from his alleged involvement in bribes paid by Shikun & Binui Holdings Ltd. (TASE: SKBN) in foreign countries. Hindenburg Research, an investment house that specializes in short selling recommendations, recently published a review of Ormat in which it stated that the company had failed to report to its investors that Kattan and company director Ravit Barniv were involved in a graft affair at Shikun & Binui. At the time, Ormat denied the allegations but reported that shortly beforehand it had removed Kattan from the post of chief compliance officer, and that Barniv would not stand for re-election as a director.

Kattan is now taking leave, and will be replaced by Jessica Woelfel, vice president and legal counsel at Ormat Technologies in the US. Kattan will continued to be paid under his work contract with Ormat.

Ormat, headed by Doron Blacher, has a market cap of $4.9 billion.

Published by Globes, Israel business news - en.globes.co.il - on March 14, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Ormat power plant / Photo: Shutterstock, Shutterstock.com
Ormat power plant / Photo: Shutterstock, Shutterstock.com
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