Menorah Mivtachim CEO arrested over alleged bribery, fraud

Avigdor is suspected of taking bribes, fraud, breach of corporate trust and deception; Menorah securities trader Shlomi Shani also arrested.

311_gavel (photo credit: Ariel Jerozolimski)
311_gavel
(photo credit: Ariel Jerozolimski)
Menorah Mivtachim Insurance CEO Ronen Avigdor was arrested on Tuesday following an investigation by the Israel Securities Authority, it emerged on Thursday night when a publication embargo was lifted.
Avigdor, who is suspected of taking bribes, fraud, breach of corporate trust and deception, had his remand extended at a court hearing on Thursday. Menorah securities trader Shlomi Shani, who was arrested along with Avigdor, also had his remand extended.
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Avigdor, 46, was investigated by the ISA around one year ago on suspicion of accepting bribes relating to mutual funds, but the authority said at Thursday’s remand hearing that this latest arrest was over a different matter, Globes reported.
According to the report, Avigdor’s attorney Amit Ben- Aryeh told the court that he was arrested over the old accusations, in which Avigdor was alleged to have pocketed tens of thousands of shekels following the sale of company shares he managed.
Ben-Aryeh said the amount was relatively small in comparison to the wage of a senior executive in the insurance industry.
Founded in 1935, Tel Aviv based Menorah is one of the leading insurance companies in Israel, boasting a market share of about 10 percent of total insurance premiums in the country.