The heart of the review was the down payments by customers of Ben-Moshe’s company Xtra Energy Corporation (Bulletin Board: XTPT) in Germany, as first reported by “Globes”. A report submitted by Yehuda Barlev, the investigative auditor on behalf of Dankner and his partner, Alexander Granovsky, to the Securities Authority alleged that Ben-Moshe, the owner of Xtra Holding GmbH, used down payments from customers of a subsidiary, Xtra Energy (through which he planned to take over IDB) to increase the company’s profits, and that this money might be the source of the NIS 600 million Ben-Moshe deposited with the trustee for the investment in IDB.
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The financial reports of Xtra Energy, a supplier of energy to end consumers, state that customers’ deposits totaled €64 million at the end of 2012, compared with €52 million at the end of 2011. This increase was small compared with the fivefold jump in revenue from €272 million in 2011 to over €1 billion in 2012.
Published by www.globes-online.com