court gavel 88.
(photo credit: )
The directors of La Nacional insurance company were convicted on Thursday after one of the biggest fraud cases in Israel's history.
Judge Gideon Ginat convicted the company of selling fake insurance policies to kibbutzim and presenting deceptive financial reports of the corporation over a period of nine years.
The company thereby embezzled hundreds of millions of dollars from foreign secondary insurance companies and stock market investors.
Legal establishment officials described the case as "exceptional".
The prosecution included some 5,000 exhibits and the witness cross-examination was spread out over 20,000 pages.
The verdict was expounded on 675 pages.
La Nacional's lawyers said that they intended to appeal against the conviction to the Supreme Court.
Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>