B.S.D. Crown Ltd Company Update

 
TIDMBSD 
 
B.S.D CROWN Ltd (LSE:BSD) 
 
                                (the "Company") 
 
                      Ramat Gan, Israel, 17 January 2018 
 
                                Company Update 
 
Further to Company's announcements dated 20 June 2017, 12 September 2016, 3 
August 2016 and 17 May 2016 the Company was informed that on 15 January 2018 an 
indictment was filed at the economic department of the Tel Aviv District Court 
, against the former ultimate controlling shareholders of the Company, Mr. 
Alexander Granovsky and Mr. Gregory Gurtovoy and against the former Chief 
Executive Officer of the Company, Mr. Israel Jossef Schneorson (together 
herein, the "Accused"). 
 
According to the indictment the Accused used the deposits of the Company's and 
its parent company, BGI Investments (1961) Ltd., that were deposited in foreign 
banks, as collateral for loans taken by private companies related to the 
Accused, without having received applicable approvals by law. According to the 
indictment, the total amount of the misappropriated funds by the Accused, is 
USD 60 million. 
 
The indictment attributes to the Accused to the following infringements: theft 
by officer, fraudulent conversion, fraud and breach of trust, falsification of 
corporate documents, breaches of reporting obligations under the Israeli 
Securities Authority Law, non-compliance with the provisions of the Israel 
Securities Authority with respect to misleading reasonable investors and 
offenses under section 4 of the Israeli Money Laundering Law. 
 
The Company wishes to clarify that the Accused no longer hold any positions in 
the Company and / or any of its subsidiaries. 
 
Enquiries: 
 
Joseph Williger, Active Chairman Yossi@ydekel.co.il 
 
 
 
END

(END) Dow Jones Newswires

January 17, 2018 05:09 ET (10:09 GMT)

B.s.d Crown (LSE:BSD)
Historical Stock Chart
From Mar 2024 to Apr 2024