IEC pledges investigation into NIS 1.5b. shortfal
By GLOBES / AMIRAM BARKAT, ADRIAN FILUT
November 4, 2012 11:53
Israel Electric Corporation CEO Eli Glickman pledged to launch a
transparent investigation into the disappearance of NIS 1.5 billion from
the utility's accounts, speaking to Globes ahead of a board of
directors' meeting on the issue Sunday.
"We'll investigate and
leave no stone unturned. We'll report matters properly and will act
transparently and credibly," Glickman told Globes, speaking about the
NIS 1.5 billion cash flow shortfall, the discovery of which in September
caused a schism between the Finance Ministry and the utility, and which
jeopardizes its financial stability.
Glickman admitted that
serious flaws were found in IEC's conduct, and he disclosed that he
would ask the board of directors' approval to increase the amount of
capital that the utility plans to raise in November, and to bring
forward offerings planned for early 2013.