An investigation against the company that Moshe Kahlon left a month ago
When he resigned as chairman of the board, the former finance minister hinted that the source of the resignation was "incidents caused before I joined the company."
Walla!
Of money
13/07/2022
Wednesday, 13 July 2022, 08:53 Updated: 09:19
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Moshe Kahlon during his tenure as Minister of Finance.
He will not want to remember his tenure at Bayont, from the criticism of his high salary to the current suspicions against the company (Photo: Flash 90, official website)
Fraud, false registration in corporate documents and theft by licensees - were all of these carried out at Yount
-Credit, whose former finance minister, Moshe Kahlon, until recently served as chairman of the board?
For the short period he served in the company, he too is expected to be questioned soon as part of the investigation conducted by the Securities Authority, whose investigators raided Yunet's offices last night.
It was not an easy year for Yonet-Credit's chairman of the board, Moshe Kahlon.
The former finance minister and communications minister has been forced to put out fires almost since he was appointed chairman of the company's board of directors, which deals with non-bank loans and currency exchange.
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Not satisfied with Bayont-Credit.
Why did he leave his post after such a short tenure? (Photo: Official website, Ministry of Finance spokeswoman)
High wages and family ties
Initially, he provoked criticism of his salary in the position: NIS 8.3 million per year for 80% of his job (after three months, in September 2021, Kahlon decided to cut 20% of his salary - and in practice received even less, as detailed below).
The company has recently discovered a number of cases that only increased the confusion around it, such as Shai Cohen, president of the Chamber of Independents and who almost entered the Knesset on behalf of Moshe Kahlon's party, an external director of the company (it should be noted that Cohen was in office 4 years before joining Kahlon).
It was also revealed that the former head of finance at the company, Chai Panso, is the brother of the controlling shareholder Shai Panso and the person who replaced him, Tzachi Azar, is his cousin.
Moshe Kahlon on Smiling Days (Photo: Paul Photographers, Alex Kolomoisky)
Kahlon's fantastic salary, which was the subject of criticism, turned out to be significantly lower in practice: Kahlon received "only" NIS 2.2 million, some as direct salary and some as share capital.
And if all this were not enough, it was recently learned that the company intends to sell joint control to Giza, in the amount of NIS 10 million, which will reflect a value of NIS 55 million (higher than its value according to the share price).
But Shai Panso, the CEO, is also a partner (along with Shlomo Isaac) in Giza.
These cases, along with other publications, created an atmosphere of discomfort around the company.
In his retirement announcement, Kahlon wrote: The company may have significant financial exposure, which was caused due to events caused before I joined the company.
In view of these developments and with a heavy heart, I have decided to notify the controlling shareholders of the termination of my current position, "The Company's Board of Directors immediately. I wish you and the Company success along the way."
The continuation of the road, as it became clear yesterday, led to an investigation by the Securities Authority, which is also expected to summon Kahlon for its investigations, although at this stage there is no indication that he was involved or even aware of the alleged offenses for which the investigation is conducted.
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