Police make arrests in Heftsiba case

Arrest warrant issued against CEO Boaz Yona, who fled prior to firm's collapse.

Heftsiba court 298.88 (photo credit: Ariel Jerozolimski)
Heftsiba court 298.88
(photo credit: Ariel Jerozolimski)
The tumult surrounding the collapse of Heftsiba Construction, Development and Investments Ltd. has grown into a massive criminal investigation, with company executives making daily appearances in court even as an arrest warrant was issued against CEO Boaz Yona, who is currently known to be in Europe. Late Sunday evening, Freddy Algemil, the former assistant to the CEO of Heftsiba, was remanded in the Tel Aviv Magistrate's Court to five days of house arrest, during which the police will continue to probe his involvement in the firm's financial dealings. Also on Sunday, investigators from the Israel Securities Authority brought Mordechai Netanel to a remand extension hearing, where he, too, was released on bail to five days of house arrest. Netanel, the chief financial officer of the "Heftsiba Jerusalem Gold" company, is suspected of a series of offenses including failure to report, false documentation, fraud, and violation of trust.
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