Oligarch Nochi Dankner appeals stock fraud conviction, jail sentence to Supreme Court

The bankrupt former business magnate appealed to the Supreme Court to overturn his conviction.

February 9, 2017 21:29
1 minute read.
Nochi Dankner

Nochi Dankner. (photo credit: Courtesy)


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Former IDB chairman Nochi Dankner, until a few years ago the country’s reigning business magnate, on Wednesday appealed to the Supreme Court to overturn his conviction for stock fraud and his December two-year jail sentence by the Tel Aviv District Court.

Before being convicted of illegally manipulating the value of his company’s stock in February 2012, Dankner controlled an estimated NIS 400 billion of the public’s wealth through his Israel Discount Bank pyramid, which included controlling or substantial shares in the country’s biggest supermarket chain, Shufersal, mobile operator Cellcom and financial giants Clal Insurance, Bank Hapoalim and others.

After things had turned sour for his business empire, Dankner created a false impression there was strong interest in the stock of his IDB conglomerate to help a share sale, when in reality there was not, a Tel Aviv District Court judge found in July.

Dankner claimed in the appeal that the District Court rejected most of the claims directed against him in the indictment, and that even on those where it convicted him, the conviction was based on factual presumptions that the court itself had rejected.

Mostly, Dankner said the court’s after-the-fact interpretation of his actions were improper.

It is expected to take several months until the Supreme Court hears the case. In the meantime, Dankner, 62, will remain free, a source close to him said on Thursday.

Reuters contributed to this report.

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