Published On: Fri, Jun 12th, 2015

BoI issues tough report on Leumi US tax evasion affair

The Bank of Israel audit finds failures and negligence in oversight at Bank Leumi.

Dudu Zaken
Failures, mistakes, negligence in oversight: these are only some of the terms used by Supervisor of Banks David Zaken to describe the findings of an audit conducted in recent months on the conduct of Bank Leumi (TASE: LUMI) in the affair of tax evasion by its US customers.

In recent weeks, the draft audit report has been sent for a response to Bank Leumi, its current executives, senior officeholders no longer with the bank, legal representatives, and additional parties affected by the severe report. These parties have until the end of next week to respond. Several of them asked for a postponement of the deadline for a response, but Zaken rejected their request.

A source close to former Bank Leumi CEO Galia Maor said that, contrary to media reports, she had no intention of voluntarily returning money to the bank, and that this decision in any case rested with the court and the external committee on the question set up by the bank… READ MORE

By Irit Avissar and Stella Korin-Lieber

Published by Globes [online], Israel business news –




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