Air Force chief fires commander of 'Arrow' unit

Israel Air Force Commander-in-Chief Maj.-Gen. Elyezer Shkedy deposed a lieutenant-colonel on Wednesday whose subordinate officer handled millions of shekels in the Tel Aviv stock market. The lieutenant-colonel commanded Israel's Arrow missile defense system unit. The Arrow is a surface-to-air missile, and is expected to intercept incoming missiles during an enemy attack on the country. The officer allegedly managed the stocks for other officers and civilians, promising them profits. Ultimately, the investments turned sour and the officer lost the money. Shkedy released a statement to the air force, saying that the actions did not meet the unit's values, and that he did not intend to ignore the matter, Israel Radio reported.