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IEC execs remand extended in Siemens bribery affair

Six men are suspected of offenses ranging from receiving bribes and breach of trust, to money laundering.

/Hedy Cohen and Gur Megiddo/

The Tel Aviv Magistrates Court has extended the remand of six senior Israel Electric Corporation (IEC) (TASE: ELEC.B22) executives in the Siemens bribery affair. Those arrested include Yakov Hain IEC’s deputy CEO and head of the customer division until a few days ago, and David Elmakais, IEC’s SVP planning, development and technology.

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Those detained are suspected of receiving bribes, fraudulent receipt, breach of trust of the corporation, and money laundering. Hain was seen as a likely successor to Eli Glickman as IEC’s next CEO and is considered close to Yisrael Beitenu head Avigdor Liberman. He stepped down several days ago due to ill health. Elmakais has served the IEC since 1974. Others arrested include: former IEC deputy CEO David Kohn, who left the company in 2004 after heading IEC’s tenders committee; Zvi Eyal is IEC’s deputy planning division manager; Yitzhak Hirsch, Siemens Israel energy division manager; and Yona Schweitzer, planning division and projects department director.

The allegations relate to events that took place in 200-2001 as part of a huge bribery campaign carried out worldwide by Siemens to rig tenders. Siemens has admitted payouts around the world totaling $1.4 billion of which it is believed about $20 million was in Israel. The investigation regarding this $20 million spans Israel, Germany and the US.

A letter from the IEC CEO and chairman said today, “We are working with determination to stamp out all traces of corruption and harm to integrity and we will comply with all requirements for the information needed by the authorities for full transparency and swift assistance to investigate the truth. Management also asks employees to provide information about any breach of procedures.”

Published by Globes [online], Israel business news – 



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