BREAKING NEWS

C'tee passes bill to curb business dealings with Iran

By RON FRIEDMAN

JUNE 5, 2011 17:10

With the Ofer Brothers affair looming in the background, the Ministerial Legislative Committee passed, on Sunday, a new bill prohibiting investment in companies that trade with Iran.

The bill, sponsored by Likud MK Carmel Schama Hacohen and co-signed by 15 MKs from across the political spectrum, aims to apply an existing law prohibiting banks and other financial institutions from investing in companies that trade with Iran, to all public and private companies as well as to private individuals. The bill stipulates that anyone found to be in business relations with such companies, be liable to a year's prison sentence and a fine of NIS five million, or three times the amount the investor earned from dealings with Iran, whichever amount is higher.

The bill passed and will go through the Knesset’s legislation process in coordination with the government.

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