BREAKING NEWS

Ofer Brothers execs suspected of insider trading

By JPOST.COM STAFF

APRIL 29, 2010 12:01

Senior managers at Melisron Ltd., the real estate branch of the Ofer Brothers conglomerate, are suspected of breaking securities laws, Israel Radio reported Thursday. Avi Levi, Avi Haelyon and Golan Madar, two executives, are suspected of investing NIS 24 million in the company in order to raise the value of the company's stocks.

Melisron is a publicly traded company that owns the Ramat Aviv, Savyon and Keryon malls. Tel Aviv courts has released the three suspects.

In a reaction to Israel Radio's story, the Ofer group said it is cooperating with the investigation and believes in its managers are innocent.

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