Filed 11 October 19 P5:19
Chris Daniel - District Clerk
Harris County
ED101J016552698
JEFFREY GOLDSTEIN and THEODORE ) IN THE DISTRICT COURT OF
By: melanie flores
STEINBERG, Derivatively on Behalf of )
Nominal Defendant ISRAMCO, INC., ) HARRIS COUNTY, TEXAS
)
Plaintiffs, ) 55th JUDICIAL DISTRICT
)
v. )
) SUPPLEMENTAL OBJECTION
HAIM TSUFF, JACKOB MAIMON, ) OF YUVAL LAPINER TO THE
MICHELLE R. CINNAMON FLORES, MAX ) PROPOSED SETTLEMENT
PRIDGEON, FRANS SLUITER, MARC E. )
KALTON and GOODRICH GLOBAL L.T.D. )
B.V.I., NAPTHA ISRAEL PETROLEUM ) Lead Cause No. 2009-34535
CORP. LTD., I.O.C. ISRAEL OIL COMPANY ) (Consolidated Action)
LTD., ISRAMCO OIL & GAS LTD., J.O.E.L. )
JERUSALEM OIL EXPLORATION LTD., )
CHESNY ESTATES LTD., )
)
Defendants, )
)
and )
)
ISRAMCO, INC., )
)
Nominal Defendant. )
_______________________________________ )
I. INTRODUCTION
Yuval Lapiner (“Lapiner” or “Intervenor”), a current shareholder of Isramco, Inc.
(“Isramco” or the “Company”), who previously timely objected to the proposed settlement (the
“Proposed Settlement”), timely filed the Declaration of Yuval Lapiner in Support of the
Objection, the Affidavit of Alexander T. Lamar in support of the Objection, and filed a Petition
in Intervention in the above-styled matter, hereby files this Supplemental Objection to the
Proposed Settlement, and in support thereof would show the Court as follows:
SUPPLEMENTAL OBJECTION OF YUVAL LAPINER TO THE PROPOSED SETTLEMENT Page 1 of 7
II. FACTUAL BACKGROUND
On October 10, 2011, Lapiner filed his Objection to the Proposed Settlement
(“Objection”) in this matter as well as his Petition in Intervention, both documents being
incorporated herein as if fully set forth verbatim. The Objection set forth numerous reasons
why the Proposed Settlement is not in the best interest of the shareholders of the Nominal
Defendant, Isramco, Inc., (“Isramco” or the “Company”). Lapiner had previously filed a
related shareholder derivative action in the Delaware Chancery Court alleging claims against
the defendants similar to those raised in this action. Yuval Lapiner v. Haim Tsuff, et. al, No.
5612-VCL (Del. Ch.). A copy of the Delaware Complaint is attached as Exhibit 2 to the
Declaration of Yuval Lapiner on file in this matter. On October 20, 2010 the Delaware
Chancery Court (Chancellor J. Travis Laster) reluctantly dismissed Lapiner’s action without
prejudice in deference to this first-filed action alleging similar claims.
At the hearing on Defendants’ Motion to Dismiss or Stay held on October 18, 2010,
Chancellor Laster remarked that the Delaware Complaint, “as pled…raises serious loyalty
issues:”
I am going to dismiss this case in favor of the Texas action. I do so
reluctantly. This is a case I would have liked to see litigated here, at least as
pled. And all I’m going on is the face of the complaint. But at least as pled,
it raises serious loyalty issues. Transcript at 27 (lines 21-24) and at 28 (lines
1-2).
Ever since Guth v. Loft, Delaware has had an eye out and given close scrutiny
to cases involving loyalty issues. And when plaintiffs bring those and police
loyalty conflicts and other problems, you can expect to be rewarded for
generating real benefits in litigation by the Delaware courts. Transcript at 29
(lines 5-10).
So this is a case I would have liked to have seen filed here initially, that I,
frankly, would have liked to go forward here. It may well be that the
defendants have great defenses and will win. I don’t know. But this is the
type of situation where I think the state of incorporation has a substantial
interest, and Delaware has a substantial interest in encouraging plaintiffs to
police transactions that look like this, at least on their face.
Transcript at 29 (lines 11-20), attached hereto as Exhibit 3 (emphasis added) to the
Declaration of Yuval Lapiner.
As observed by the Delaware Chancery Court, the allegations of self-dealing in this
action are strong and the Texas litigation was approached “as if it was going to be a filed-andsettled
case, as opposed to a filed-and-litigated case.” Transcript p. 33 (lines 13-21).
Chancellor Laster, who has extensive experience and is an expert in presiding over
litigation involving Delaware corporations, was able to forecast the outcome of this case by
observing the lack of actual prosecution. Not surprisingly, the Plaintiffs who are proposing this
hollow settlement, who conducted no adversarial depositions of any of the Individual
Defendants, who merely received “several hundred pages” of documents, who have shown no
standing by the Plaintiffs to even support the settlement, and who ignored discussing the merits
of the case did not advise the Court of the range of possible monetary recovery if this action were
successfully prosecuted to judgment. Moreover, the lack of nearly any substantive adversarial
discovery and plaintiff’s counsel merely reviewing “hundreds of pages” of documents, makes the
settlement terms even more suspect -particulary since the only real recovery in the Proposed
Settlement is a payoff to Plaintiff’s counsel of $1 million by the Company, on whose behalf the
action was filed. Based on the non-existent litigation of this action, it is not surprising that
Plaintiffs’ counsel has failed to submit a lodestar or any detailed billings of their time expended
on this litigation and instead simply request the Court blindly approve their $1 million windfall.
Additionally, there is strong evidence to support the allegations that the Company has
suffered hundreds of millions of dollars of damages as a result of the sale of oil and gas interests
held by Isramco in an incredibly successful gas field, Isramco’s former interest is now worth
approximately $2.5 billion, to various companies owned and/or controlled by the Defendants.
The Proposed Settlement fails to recover any of these alleged damages for the Company, and
instead costs Isramco over $1 million in attorneys’ fees and costs. The Proposed Settlement is
therefore not fair, reasonable nor adequate, and Lapiner’s intervention is necessary in order to
protect the interests of the Company and its shareholder.
III. NEW EVIDENCE
On October 18, 2011, Dennis Holifield, former Vice President and General Counsel of
Isramco, contacted counsel for Lapiner and forwarded to them the Summary Report of
Legal/Compliance Deficiencies in Isramco, Inc. (ISRL) and Affiliates (the “Summary Report”)
that he prepared and filed with the United States Securities and Exchange Commission (“SEC”)
on October 6, 2011. See Exhibit A to Declaration of Dennis Holifield, attached hereto as Exhibit
1. The Summary Report discusses in detail numerous instances of wrongdoing by Defendant
Haim Tsuff, and others, to the detriment of the Isramco shareholders, including perpetrating a
fraud on this Court through the Proposed Settlement. Specifically, Mr. Holifield stated as
follows in the Summary Report:
Fraud Upon the Court: Directors Fraud/Derivatives Settlement – Isramco, Inc. is
the nominal defendant in a consolidated shareholder’s derivative action in Harris
County, Texas. During the pendency of this litigation, Isramco, Inc., and more
specifically, Isramco’s CEO, Haim Tsuff (through his separate legal counsel),
engaged in settlement negotiations that culminated in an Agreed Settlement involving
mainly corporate governance reforms, including the creation and management of
several board committees, with extensive guidelines affecting director involvement,
independence, and reporting guidelines.
During the course of my involvement as General Counsel in that litigation, it became
clear to me, that on Thursday, September 15, 2011, after meeting with Haim Tsuff,
both privately and the next morning with the CFO Edy Francis and the Asset
Manager Amir Sanker, neither Mr. Tsuff nor Mr. Francis nor Mr. Sanker had any
intention whatsoever to actually follow any of the corporate governance reforms
agreed-to and that formed the integral part of the settlement. It became clear to me
then that the “governance reforms” and the lawsuit settlement were only “windowdressing”
and that Mr. Tsuff was not going to follow any such guidelines. As noted
above, Mr. Tsuff emphatically stated to me that “I run the company, not the directors,
not the stockholders, no one but me”. At this point, attorney for the corporation, I felt
clear that Mr. Tsuff was engaged in a deliberate fraud against the court, against the
directors, and against the stockholders with respect to the derivatives
settlement. Since I am the attorney of record for Isramco, Inc., in that case, I
have filed with the Court my Motion to Withdraw as attorney of record. I do not
believe the settlement was entered into in good faith. In contrast, I believe it was
entered-into for the sole purpose of giving an appearance of propriety, all the while
not intending to follow the terms of the settlement once the case was dismissed, going
back to “business as usual”.
Such evidence clearly raises tremendous concerns about the propriety of the
Proposed Settlement and gives evidentiary support to Chancellor Laster’s prescient
remarks that this case raises serious loyalty issues. Thus, in addition to the numerous
reasons previously set forth in Lapiner’s Objection to the Proposed Settlement this
Court simply cannot approve the Proposed Settlement in light of allegations, filed
with the SEC by Isramco’s former General Counsel, that the Proposed Settlement is
perpetrating a fraud on this Court
IV. CONCLUSION
For the foregoing reasons, Lapiner respectfully requests that the Court no approve
the Proposed Settlement as it is not fair, reasonable or adequate, or in Isramco’s best
interests.
Respectfully submitted,
HIERSCHE, HAYWARD, DRAKELEY
& URBACH, P.C.
By: _/s/ James T. Drakeley_________
James T. Drakeley
State Bar No. 06111600
Eric G. Walraven
State Bar No. 00794814
Austin C. Evans
State Bar No. 24036536
15303 Dallas Parkway, Suite 700
Addison, Texas 75001
(972) 701-7000 –
Telephone
(972) 701-8765 –
Facsimile
ATTORNEYS FOR YUVAL LAPINER
SUPPLEMENTAL OBJECTION OF YUVAL LAPINER TO THE PROPOSED SETTLEMENT Page 6 of 7
CERTIFICATE OF SERVICE
The undersigned certifies that on October 19, 2011, the foregoing document,
Supplemental Objection of Yuval Lapiner to Proposed Settlement was filed electronically and
served by mail, in accordance with the Texas Rules of Civil Procedure, on the following counsel
of record vial first class mail:
Robin Winchester
Richard Kim
KESSLER TOPAZ MELTZSER
& CHECK, LLP
280 King of Prussia Road
Radnor, PA 19087
Lead Counsel for Plaintiffs
Richard E. Norman
CROWLEY NORMAN, LLP
Three Riverway, Suite 1775
Houston, TX 77056
Counsel for Plaintiffs
Dennis Holifield
ISRAMCO, INC.
2425 West Loop South, Suite 810
Houston, TX 77027
Counsel for Nominal Defendant,
Isramco, Inc.
Michael D. Robbins
DOYLE, RESTREPO, HARVIN
& ROBBINS, LLP
JP Morgan Chase Tower
600 Travis Street, Suite 4700
Houston, TX 77002
Counsel for Defendants Jackob Maimon, Max
Pridgeon and Michelle R. Cinnamon Flores
Constance O’Doherty Barnes
BOYER JACOBS SHORT, PC
Nine Greenway Plaza, Suite 3100
Houston, TX 77046
Counsel for Defendants, Haim Tsuff and
Goodrich Global Ltd.
Isramco, Inc.
c/o General Counsel for Isramco
2425 West Loop South, Suite 810
Houston, TX 77027
Counsel for Nominal Defendant, Isramco, Inc.
__/s/ Eric G. Walraven_____________
Eric G. Walraven
SUPPLEMENTAL OBJECTION OF YUVAL LAPINER TO THE PROPOSED SETTLEMENT Page 7 of 7
Sunday 8 January 2012
Friday 6 January 2012
Contact: SANKER, AMIR
BRANDON FURNITURE
8648 GLENMONT (OFF FONDREN)
Houston, TX 77036
(832) 381-2610
www.brandon-furniture.comHouston, TX 77036
(832) 381-2610
Contact: SANKER, AMIR
Business Description: ADDITIONAL ADDRESS - 17270 TOMBALL PKY. HOUSTON, TEXAS 77064.
Services: Furniture Sales
Is this your business? Claim your profile
Texas Foreclosures and Public Notices
Texas Foreclosures and Public Notices
CITATION BY
PUBLICATION
No. 2010-04275
Plaintiff:
Gil, Hod, Yuval Ran, and D.F.R.A.A.M., LLC
Vs.
Defendant:
Verno (USA), L.P., Chesny Estates, LTD., Jackob Maimon, Haim Tsuff, and Amir Sanker
In The 125th Judicial
District Court Of
Harris County, Texas
The State Of Texas
County Of Harris
To: Jackob Maimon, Amir Sanker, and Haim Tsuff, Whose Residence and Whereabouts Are Unknown
You Are Hereby Commanded to be and appear before the 125th Judicial District Court of Harris County, Texas in the Courthouse in the City of Houston, Texas at or before 10:00 o’clock A.M. Monday, the 2nd day of May, 2011 being the Monday next after the expiration date of forty-two days after this citation is issued, and you are hereby commanded and required then and there to appear and file written answer to the Cross Claim, filed in said Court on the 13th day of August, 2010 in a suit numbered 2010-04275 on the docket of said court, wherein Gil, Hod, Yuval Ran, and D.F.R.A.A.M., LLC, Plaintiff(s) and Verno (USA), L.P., Chesny Estates, LTD., Jackob Maimon, Haim Tsuff, and Amir Sanker, Defendant(s), the nature of plaintiff’s demand being and the said petition alleging: FRAUD
SUMMARY
You have been sued. You may employ an attorney. You may obtain a copy of the Citation and Cross Claim by contacting counsel for Yuval Ran, who is Terry W. Yates, 6750 West Loop South, Ste. 845, Bellaire, Texas 77401. Phone (713) 861-3100. If you or your attorney does not file a written answer with the District Clerk of Harris County by 10:00 AM on the Monday next following the expiration of forty-two days after the last publication of this notice, a default judgment may be taken against you. Said answer may be filed by mailing same to Chris Daniel, 201 Caroline, Houston, Texas 77002, or bringing it to the office at the same address. This case is presently pending before the 125th District Court of Harris County sitting in Houston, Texas and was filed on the 5th day of February, 2010. It bears Cause Number 2010-04275, and is style Hod Gil v. Yuval Ran and D.F.R.A.A.M., LLC.
Notice hereof shall be given by publishing this Citation once a week for four consecutive weeks previous to the 28th day of April, 2011 in some newspaper published in the County of Harris, if there be a newspaper published therein, but if not, then the nearest county where a newspaper is published, and this Citation shall be returned on the 28th day of April, 2011 which is forty two days after the date it is issued, and the first publication shall be at least twenty-eight days before said return day.
Herein Fail Not, but have before said court on said return day this Writ with your return thereon, showing how you have executed same. Witness: Chris Daniel, District Clerk, Harris County, Texas. Given Under My Hand And Seal Of Said Court at Houston, Texas this 18th day of March, 2011. (Seal) Chris Daniel, District Clerk, Harris County, Texas, 201 Caroline, Houston, Texas 77002, P.O. Box 4651, Houston, Texas 77210. By (S) Sudora Johnson, Deputy District Clerk. Issued at the request of: Terry W. Yates & Associates, 6750 West Loop South, Suite 845, Bellaire, Texas 77401, (713) 861-3100, Bar Number: 22142600. Houston, Texas March 21, 2011. I hereby order this writ published in the Daily Court Review for the time specified therein. Jack F. Abercia, Constable Precinct #1, Harris County, Texas. By: D. Nunez, Deputy
PUBLICATION
No. 2010-04275
Plaintiff:
Gil, Hod, Yuval Ran, and D.F.R.A.A.M., LLC
Vs.
Defendant:
Verno (USA), L.P., Chesny Estates, LTD., Jackob Maimon, Haim Tsuff, and Amir Sanker
In The 125th Judicial
District Court Of
Harris County, Texas
The State Of Texas
County Of Harris
To: Jackob Maimon, Amir Sanker, and Haim Tsuff, Whose Residence and Whereabouts Are Unknown
You Are Hereby Commanded to be and appear before the 125th Judicial District Court of Harris County, Texas in the Courthouse in the City of Houston, Texas at or before 10:00 o’clock A.M. Monday, the 2nd day of May, 2011 being the Monday next after the expiration date of forty-two days after this citation is issued, and you are hereby commanded and required then and there to appear and file written answer to the Cross Claim, filed in said Court on the 13th day of August, 2010 in a suit numbered 2010-04275 on the docket of said court, wherein Gil, Hod, Yuval Ran, and D.F.R.A.A.M., LLC, Plaintiff(s) and Verno (USA), L.P., Chesny Estates, LTD., Jackob Maimon, Haim Tsuff, and Amir Sanker, Defendant(s), the nature of plaintiff’s demand being and the said petition alleging: FRAUD
SUMMARY
You have been sued. You may employ an attorney. You may obtain a copy of the Citation and Cross Claim by contacting counsel for Yuval Ran, who is Terry W. Yates, 6750 West Loop South, Ste. 845, Bellaire, Texas 77401. Phone (713) 861-3100. If you or your attorney does not file a written answer with the District Clerk of Harris County by 10:00 AM on the Monday next following the expiration of forty-two days after the last publication of this notice, a default judgment may be taken against you. Said answer may be filed by mailing same to Chris Daniel, 201 Caroline, Houston, Texas 77002, or bringing it to the office at the same address. This case is presently pending before the 125th District Court of Harris County sitting in Houston, Texas and was filed on the 5th day of February, 2010. It bears Cause Number 2010-04275, and is style Hod Gil v. Yuval Ran and D.F.R.A.A.M., LLC.
Notice hereof shall be given by publishing this Citation once a week for four consecutive weeks previous to the 28th day of April, 2011 in some newspaper published in the County of Harris, if there be a newspaper published therein, but if not, then the nearest county where a newspaper is published, and this Citation shall be returned on the 28th day of April, 2011 which is forty two days after the date it is issued, and the first publication shall be at least twenty-eight days before said return day.
Herein Fail Not, but have before said court on said return day this Writ with your return thereon, showing how you have executed same. Witness: Chris Daniel, District Clerk, Harris County, Texas. Given Under My Hand And Seal Of Said Court at Houston, Texas this 18th day of March, 2011. (Seal) Chris Daniel, District Clerk, Harris County, Texas, 201 Caroline, Houston, Texas 77002, P.O. Box 4651, Houston, Texas 77210. By (S) Sudora Johnson, Deputy District Clerk. Issued at the request of: Terry W. Yates & Associates, 6750 West Loop South, Suite 845, Bellaire, Texas 77401, (713) 861-3100, Bar Number: 22142600. Houston, Texas March 21, 2011. I hereby order this writ published in the Daily Court Review for the time specified therein. Jack F. Abercia, Constable Precinct #1, Harris County, Texas. By: D. Nunez, Deputy
Berger & Montague, P.C. Files a Shareholder Derivative Suit Against Isramco, Inc. and its Officers and Directors.
Berger & Montague, P.C. Files a Shareholder Derivative Suit Against Isramco, Inc. and its Officers and Directors.
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Link to this page
PHILADELPHIA, April 28 /PRNewswire/ -- The law firm of Berger & Montague, P.C. has filed a shareholder derivative action A lawsuit brought by a shareholder of a corporation on its behalf to enforce or defend a legal right or claim, which the corporation has failed to do.
A derivative action, more popularly known as a Stockholder's Derivative Suit, is derived from the primary right of the in the District Court of Harris County, Texas Harris County is a county located in the U.S. state of Texas within the Houston–Sugar Land–Baytown metropolitan area. As of 2000 U.S. Census, the county had a population of 3.4 million (though a 2006 estimate placed the population at nearly 3. on behalf of Isramco, Inc (Nasdaq: ISRL ISRL Information Systems Research Lab
ISRL Information Systems Research Library ).
Isramco, Inc. is a Delaware corporation that engages in the acquisition, development, production and exploration of oil and natural gas properties in the United States, and previously engaged in such activities in Israel. The complaint alleges that Isramco and its officers and directors engaged in transactions that were grossly unfair and breached the Director Defendants' fiduciary duties to the corporation by permitting undisclosed self-dealing transactions with Defendants Tsuff, Maimon and entities they controlled.
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As a result of the Defendants' Haim Tsuff, Jackob Maimon, Max Pridgeon, Michelle R. Cinnamon Flores, Marc E. Kalton, Frans Sluiter, Naphtha naphtha (năp`thə, năf`–), term usually restricted to a class of colorless, volatile, flammable liquid hydrocarbon mixtures. Israel Petroleum Corp. Ltd., I.O.C. Israel Oil Company Ltd., Isramco Oil & Gas, Ltd., J.O.E.L. - Jerusalem Oil Exploration Ltd., Chesney Estates, Ltd., and Goodrich Global, Ltd., B.V.I. actions, the Company has sustained substantial damages.
The complaint alleges that the Director Defendants who had a fiduciary duty to act in furtherance of the best interests of the Company and its shareholders so as to benefit all shareholders equally and not in furtherance of the personal interest or benefit of select individuals.
For more information about this case, please contact: |
Lawrence Deutsch, Esq. |
Robin Switzenbaum, Esq. |
BERGER & MONTAGUE, P.C. |
1622 Locust locust, in botany locust, in botany, any species of the genus Robinia, deciduous trees or shrubs of the family Leguminosae (pulse family) native to the United States and Mexico. Street |
Philadelphia, PA 19103 |
(215) 875-3062 |
(888) 891-2289 |
ldeutsch@bm.net |
rswitzenbaum@bm.net |
www.bergermontague.com |
Jackob Maimon Resigns as Chairman and Director from the Companies Affiliated with Isramco Ltd
Jackob Maimon Resigns as Chairman and Director from the Companies Affiliated with Isramco Ltd
05/9/2010
Jackob Maimon unexpectedly resigned as chairman and director from the companies affiliated with Isramco and JOEL Jerusalem Oil Exploration Ltd. including Equital Ltd., Airport City Ltd., Naphtha Israel Petroleum Corp. and Nitsba Holdings 1995 Ltd. He was the controlling shareholder of the group along with Haim Tsuff. Tsuff will replace Maimon as chairman when the resignation comes into effect on June 15, 2010.
Isramco Is Sued by Shareholder Claiming Mismanagement
Isramco Is Sued by Shareholder Claiming Mismanagement
Isramco Inc., which formerly explored for oil and gas in Israel and now develops wells in the U.S., was sued by a shareholder contending some officials including Chairman and Chief Executive Officer Haim Tsuff mismanaged the company.
In a lawsuit filed June 30 in Delaware Chancery Court, investor Yuval Lapiner contends Tsuff, company director Jackob Maimon and some other directors violated duties to shareholders, wasted corporate assets and should pay damages to the Houston-based company.
Isramco, which reported a $13.5 million net loss on $31.7 million in revenue last year, according to data compiled by Bloomberg, said in February 2008 that it paid $102 million to buy rights to 590 wells in Texas, Oklahoma and New Mexico.
The lawsuit includes allegations that valuable assets of Isramco were transferred to entities controlled by Tsuff and Maimon “at bargain-basement prices.”
Tsuff and Edy Francis, Isramco’s chief financial officer, didn’t return voice and e-mail messages seeking comment on the lawsuit.
The case is Lapiner v. Tsuff and Isramco Inc., CA5612, Delaware Chancery Court (Wilmington).
For the latest new suits news, click here. For copies of recent civil complaints, click here.
Isramco Inc., which formerly explored for oil and gas in Israel and now develops wells in the U.S., was sued by a shareholder contending some officials including Chairman and Chief Executive Officer Haim Tsuff mismanaged the company.
In a lawsuit filed June 30 in Delaware Chancery Court, investor Yuval Lapiner contends Tsuff, company director Jackob Maimon and some other directors violated duties to shareholders, wasted corporate assets and should pay damages to the Houston-based company.
Isramco, which reported a $13.5 million net loss on $31.7 million in revenue last year, according to data compiled by Bloomberg, said in February 2008 that it paid $102 million to buy rights to 590 wells in Texas, Oklahoma and New Mexico.
The lawsuit includes allegations that valuable assets of Isramco were transferred to entities controlled by Tsuff and Maimon “at bargain-basement prices.”
Tsuff and Edy Francis, Isramco’s chief financial officer, didn’t return voice and e-mail messages seeking comment on the lawsuit.
The case is Lapiner v. Tsuff and Isramco Inc., CA5612, Delaware Chancery Court (Wilmington).
For the latest new suits news, click here. For copies of recent civil complaints, click here.
Isramco, Inc. Announces Resignation Of Jackob Maimon As President-Form 8-K
Isramco, Inc. Announces Resignation Of Jackob Maimon As President-Form 8-K
Isramco, Inc. reported in its Form 8-K On June 29, 2010, Jackob Maimon resigned as President and as a Director, effective immediately. Mr. Maimon's resignation was due to personal reasons.
Isramco chairman Maimon heads abroad after resignation
News
Isramco chairman Maimon heads abroad after resignation
"Globes" enquiries find no support for reports that Jackob Maimon is under investigation by Israel's authorities.
9 May 10 18:15, Avi Shauly and Roee Bergman
Jackob Maimon unexpectedly resigned last Thursday as chairman and director from the companies affiliated with Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) and JOEL Jerusalem Oil Exploration Ltd. (TASE: JOEL), including Equital Ltd. (TASE:EQTL), Airport City Ltd. (TASE:ARPT), Naphtha Israel Petroleum Corp. (TASE: NFTA), and Nitsba Holdings Ltd. (TASE: NTBA). He was the controlling shareholder of the group along with Haim Tsuff. Tsuff will replace Maimon as chairman when the resignation comes into effect on June 15. In notices to the TASE, the companies said that Maimon was resigning in order to devote the bulk of his time to the development of the companies' foreign operations. At the same time, as "Globes" reported on Thursday, Tsuff will probably return to Israel after several years' residence in the Netherlands.
On Friday, reporter Yoav Yitzhak claimed on the "Israel1" news site that Maimon's real motive was an undercover investigation against him on suspicion of money laundering. However, an examination by "Globes" found that neither the Israel Tax Authority nor the Israel Securities Authority had conducted any such investigation. So far as is known, the Israel Money Laundering Prohibition Authority also has no findings indicating that Maimon was involved in money laundering, and sent no such information to the Israel Police Economic Crimes Unit.
Commenting on the reports of an investigation against Maimon, an associate said, "Koby has nothing to hide. He believes that he has acted in a straightforward way, and will answer to anyone. He has never been investigated, nor questioned by anybody. Koby feels great. He is a working man and he continues to work as usual."
Published by Globes [online], Israel business news - www.globes-online.com - on May 9, 2010
On Friday, reporter Yoav Yitzhak claimed on the "Israel1" news site that Maimon's real motive was an undercover investigation against him on suspicion of money laundering. However, an examination by "Globes" found that neither the Israel Tax Authority nor the Israel Securities Authority had conducted any such investigation. So far as is known, the Israel Money Laundering Prohibition Authority also has no findings indicating that Maimon was involved in money laundering, and sent no such information to the Israel Police Economic Crimes Unit.
Commenting on the reports of an investigation against Maimon, an associate said, "Koby has nothing to hide. He believes that he has acted in a straightforward way, and will answer to anyone. He has never been investigated, nor questioned by anybody. Koby feels great. He is a working man and he continues to work as usual."
Published by Globes [online], Israel business news - www.globes-online.com - on May 9, 2010
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