Published On: Sun, Jul 14th, 2013

Shoplifting allegation delays Jacob Frenkel confirmation for Governor of the Bank of Israel

Nominee for Governor of the Bank of Israel Jacob Frenkel failed to disclose the incident in Hong Kong seven years ago to the Turkel Committee.

SX00246_9 Jacob Frenkel

Is the appointment of Prof. Jacob Frenkel as governor of the Bank of Israel in jeopardy? The Turkel Committee is examining a case of alleged shoplifting at a store in Hong Kong seven years ago, which is liable to torpedo his appointment.

The Turkel Committee members learned about the alleged incident when Hebrew daily “Haaretz”, which had investigated the matter, questioned them about it. The committee is trying to obtain documents from Hong Kong about the incident. Frenkel will shortly arrive in Israel to provide clarifications.
If it turns out that there was a criminal incident, the Turkel Committee may reject Frenkel’s appointment.
Frenkel said in response, “This is an incident which took place seven years ago, and which ended in nothing. Local authorities in Hong Kong reached the conclusion that this was an unfortunate misunderstanding, and expressed their apology and their appreciation that I did not sue them for compensation. I expect to take office as Governor of the Bank of Israel in early October, after my appointment is approved by the Turkel Committee and the Israeli government. I see this as a national duty for the benefit of the economy and the state.”
Published by Globes 

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