Published On: Tue, Jul 23rd, 2013

IDB chairman Nochi Dankner Maintains Innocence in Fraud Investigation


/ By Alan Gallindoss / 

The Chairman of the Israel Securities Authority Shmuel Hauser today forwarded its IDB Holding Corp. Ltd. investigation file to the Tel Aviv District Prosecutor, now having completed its investigation.

The Securities Authority was investigating certain events surrounding a share offering by IDB Holding in February 2012. It had been alleged that Nochi Dankner may have asked Itay Strum, the co-owner of ISP Financial Services Ltd. and Adi Sheleg, to impact IDB’s share price in order to improve the chances of market acceptance for the then on-going share offering.

It had also been alleged that Dankner sought to secure financing for ISP for this purpose, with the objective of buying IDB shares from ISP in order to inject capital to further the scheme, totaling in the tens of millions of shekels.

Hauser said, “I thank the Securities Authority’s investigation team for its hard work to complete this investigation and submit the case to the prosecutor as quickly as possible. This was a complicated and multifaceted investigation that included extensive investigation of the parties involved. The investigation was kept confidential, before it went public, and the investigation team was meticulous and unbiased throughout, cutting no corners.”
No indication was given as to what the Security Authority’s findings or recommendations are.

As the fraud investigation draws to a close, Israeli businessman and investor Nochi Dankner maintained his innocence. On Tuesday he stated, “I wish to clarify that I did not initiate any course of fraud. I hope that after reviewing the evidence a decision is made to close the case.”

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